{"text":" Thank you so much.  Man, dude, how funny is that?  It's because some point where I can just call it.  Or like, okay, I'm going on some wild crazy adventure.  Ethan's gonna do something and it's just so consistent  to this point, that was actually pretty immaculate.  Cause you were kind of off the grid.  You were a burning man.  I was gone.  Okay, at what point did you know  that we hit an all time high at all?  It was probably gone by then.  I was, we were watching me and Ben Lakeoff  at Trambaco's Ventures.  We were in Reno driving to Burning Man losing service  as Ethan was flirting with all time.  Oh, that had to be hard.  Yeah, and we lost service.  And Ethan was like 4780 or something.  And then I think, I got like a random bit  of service on the fly at like four days into it.  And what did I see?  It was already over.  I saw some message from the discourse saying  so somebody was like, oh, congrats on Ethan.  All time high.  The message was like two days old or something.  Yeah, yeah, yeah.  But unfortunately by the time you got that,  if you checked prices, it probably would have been like  42 longer or something like that.  Anyway, it was there.  So how is Burning Man though?  Burning Man is probably one of the greatest.  If you can survive being dirty and sleeping in a tent  for an extended amount of period,  Burning Man is like an incredible experience.  Okay, this is you in the sandstorm.  I was seeing all these images of like sand happening  and it was the sandiest Burning Man ever.  I was like, oh, David's in for it.  I talked to like Burning Man people who had gone  for like 20 times.  And people said that it was this storm  that came in and wrecked the burn in the first day.  Was the biggest storm that they had ever seen.  And it was like 60 mile an hour when I was holding on  to what we call tent city.  And it's like just like piping that holds up tarps  that gives you some shade.  So you're not burning up in the sun.  And so the tarps are just massive sails.  And I was holding on to this piping  to make sure it didn't blow away.  And I got lifted up off of the ground.  Yeah.  That's kind of fun.  Yeah.  Was it kind of fun to be in the sandstorm?  No, it was a top three crisis moment.  And where like the tarps started ripping  and we all had to strike a tent city.  So that means we used to take everything down.  And so we built all day and then we had to take it down  because of the storm and then we built again the next day.  And then there was another storm, not as bad,  but more rain and then it was muddy.  And then there was a third storm the next day.  So this Burning Man got off to a very rocky start  but it all came together.  It came together.  So tell me something you learned  and something you learned maybe about yourself.  It was definitely the most like hyper social I've been.  Yeah, usually I can spend time with people  for like six hours at most.  And then I need to like go be alone.  I did 10 days.  And it was fun.  People don't know this about you.  You're actually like more on the introvert type spectrum, right?  Yeah, and people.  So like, yeah, people meet me at a conference  and they expect me to be all chatty.  And I'm like, bro, I'm oversensitive.  Oh, we're accumulated right now.  But yeah, it was great.  The camp was great.  The cool thing about Burning Man is it's very like tribalistic  in the sense that not like crypto Twitter tribes,  but like you're living with a group of 50 to 100 people.  You are making decisions together.  You are eating together.  You are adventuring together.  You are having to like do like make tough calls together.  And it's like living in a tribe.  You all have work to do because there's shifts.  And you do that.  And it's like the most like primal, ancestral,  like experience that people have.  It's kind of how we were meant to live, though.  Exactly.  It's kind of how humanity has done things forever,  except for our last couple thousand years  of the modern period, right?  And this is why we feel so unnatural most of the time.  And it's increasingly feeling unnatural  with all of the digitization in our lives, right?  And this is getting way back to how burning man,  that burning man is the real world  and the world that we're currently in is the default world.  Yeah.  But it was great.  It's kind of cool.  I encourage everyone to go.  There's also like, there's a lot of big overlap  band diagram between crypto and burning man.  There's like a shared ethos there.  I put that into an article of people ever want to read that.  Let's put it in the show notes.  Let's see that.  Meanwhile, though, David, we got to get people up to speed  on the week in crypto, including you,  because I got back yesterday.  So I have no idea what I'm doing reading out of news.  Well, let me give you a few things.  So first, we're going to talk about the mystery  of the ETH treasuries.  All right, David, they've been buying so much ETH,  incredible accumulation.  We're going to look at the last 90 days of accumulation.  But why is ETH still down?  And also, David, M-navs are down.  Okay, we've got big ETH treasuries.  And the M-navs are below one right now.  Tom Lee, though, says, have faith.  I'm going to play you a bull clip of Tom Lee.  Get your response on that.  He says, there's a way for us to hit 60K.  All right, we just got to wait.  We just got to have faith.  Also, I come back and world liberty financial,  the token is now trading.  Apparently, Trump's crypto wealth,  crypto paper wealth has flipped his real estate wealth,  which is just a crazy thing that that exists.  So we'll talk about everything about the world  liberty financial and how much money Trump made.  And also, United States citizens  can now use polymarket.  It's not illegal anymore.  We can all take down our VPNs.  That's pretty exciting.  I'm pretty stoked about that.  We got some big updates on tokenized stocks this week  as well, Ando and Galaxy shipping some things.  Also, so more details on, you remember that stripe layer one?  We've been talking about, I think, before you left tempo.  Okay, we got some more details on that,  including an announcement post.  Also, this is really exciting.  This kind of happened.  We might soon be able to buy spot Bitcoin  and spot ETH on the New York stock exchange.  How does that work?  I tell you, not the ETFs.  Not the ETFs.  This is something else.  What an ETF was for?  No, it is, but we might also get real spot Bitcoin spot ETFs.  Not ETFs, excuse me.  The actual asset itself on these exchanges,  both the Nasak and New York stock exchange.  So, okay.  All that and more coming up.  But first David, I know you are dying to tell us  about sanctum.  What is, our friends and sponsors over at spanked  at sanctum.  What do they got to?  First, I, David Hoffman, want you listener to know  that if you are holding soul and you are not staking it,  you are being a mega idiot.  Our friends and sponsors over at sanctum  want to help with that.  Sanctum is the fourth largest salon protocol,  one of the leaders in Salana Staking.  They give you the best performance on your stake soul.  So the value of your soul does not inflate away.  They have better historic yields than Gido soul and M soul.  And in addition to all of that,  they're also setting a new standard  for transparency in the space.  They are only one of two companies  to score a perfect 4040 on the block works token  transparency framework.  So investors can get assurances about the details  of the project that they hold  if you hold their cloud token.  There's a report, banklist.cc slash sanctum,  hyphen report, a comprehensive report  that will give you a very clear picture  about how exactly their business is doing.  I appreciate the notion that we are getting clarity  about the projects that have tokens in this space  and getting a peak into the inner workings.  There is a link in the show notes to see all of that  and learn more about about sanctum.  You got to stake your soul or you lose your soul, right David?  I'm right about that.  That's right.  Don't want to lose your soul.  Let's talk about prices on the week.  We got Bitcoin.  It is 109K, I believe.  What's this on the week?  We return price.  Of recording, $109,400 down 3%.  I think there's a big question going on.  I come back to crypto Twitter Ryan  and I see two things.  I see tokenized Pokemon cards  and I see the subject of seasonality for Bitcoin.  September seasonality apparently is bad September bad.  They always say that.  They say it's like, down timber basically  and then uptober is next like so.  So October about October.  October.  So October, November, December have been up.  Have been pretty good for crypto, especially during bull years.  But September's have always been bad for some reason.  Oh, allegedly.  So the average Bitcoin median September return  is negative 3.1%.  Ethereum is at negative 12.5%.  Ben Cohen has a couple tweets iterating sentiment.  That's pretty similar to this.  He says historically Bitcoin finds  a low in September of the post happening year  and then bounces off of it into the market cycle top  that occurs in Q4.  So Ben Cohen implying a market top in Q4  and then he also has to tweet for ETH.  He thinks ETH is going to drop to about $3,600.  And then Ryan goes into price discovery afterwards  going into October obviously.  So if you're into the seasonality thing,  this is kind of what Ben Cohen is pointing at.  If you're not into the seasonality thing to it.  I'm not into it.  Well, I've got some tweets for you as well.  So we have Van Spencer who tweets out.  According to bears, there are only five calendar days  per year that you should be long.  Someone may go away.  Summer is a terrible time to be long.  September is bad.  October is bad.  blah, blah, blah, blah.  Van's saying basically this whole seasonality thing  is a farce just be long, which I think is,  that's also, I think, Rancho and Adam sentiment as well.  I agree.  I agree.  I mean, we're going to look at astrological signs.  Like what?  I mean, a lot of this feels like superstitious.  And we're going to do that.  All right, man, I just choose to ignore that.  I don't want to see 3600 teeth.  But if we have to go there first, then fine.  I'm still, I still remain bullish.  And speaking of that,  ETH price on the week, are we up or are we down?  $4,300 down to 4.5%.  But it's cool that you think that $4,300  and we're down, like almost 5% on the week.  Yeah, you know what, we were higher.  See, if it happens,  if the bull market happens too fast, David,  it's actually bearish.  I agree.  100% agree with that.  It could end this year.  And I think now that we're getting some down-temper action,  maybe it goes a little further,  that's going to set us up for an elongated  and extended bull run into 2026.  That's what my astrological signs are telling me.  Right now, that's why I choose to be bullish.  The low and slow is good.  We like that.  Low and slow.  All right.  So yeah, we did cross in all time high, David,  when you were out, you know,  but I want to give you some more hope, you know, all right?  From our Lord and Savior,  the man who came in  and bought just incredible amounts of eat  and we'll talk more about his eat buys.  Sir Tom Lee.  Okay, so this clip was going around.  Yes, sir, we have to call it.  He's amazing.  Above the Ethereum, I mean.  $5 billion, you get knighted.  You get your certain title, okay?  And he is definitely there.  He's got some price targets.  I'm going to play this clip.  It's a long one.  Okay, so you'll stay tuned.  And it's in Tom Lee's, you know, he speaks very,  like he doesn't put a lot of expression in his words.  It's just very matter of the fact.  But this is the bull case and some prices  that he charts out for it.  ETH, I'm going to play this and get your reaction.  Well, here's Ethereum's price since 2018.  And as you can see, there's two periods I'm shading here.  These are called bases.  And in White Coves methodologies,  they say the bigger the base, the bigger the breakout.  And what they mean by that is that you're creating  a lot of potential energy as a stock  or a now-granted basis.  And then eventually leads to a breakout.  Well, let's look at that breakout.  In 2020, that breakout took place.  And Ethereum went from $90 to $4866 or 54 times increase.  Well, the low point here in this base was 1385.  So with this breakout, we're expecting an upside move.  Is it potentially 54x?  I'm not sure, but that's what happened last time.  Another way to think about Ethereum  is the Ethereum to Bitcoin ratio.  And in our view, the tailwinds I'm talking about  argue for an all-time high in this ratio.  The eight-year average, the Ethereum to Bitcoin ratio,  is 0.04790, and it's currently 0.04032,  meaning we're below the long-term average.  The all-time high in this ratio was 0.080727.  Of course, it started off higher,  but I'm talking about the 2021 all-time high.  So we think that not only should Ethereum recover  to the long-term average,  it should probably get to the all-time high ratio  and arguably exceed it as we start talking about  Ethereum acting as the chain for both Wall Street  to build its payment rails and the financial system  as well as AI.  So let's think about what that means for price.  So I have a grid here.  On the left side is Bitcoin price levels,  and then going across our various levels  of the Ethereum to Bitcoin ratio.  Are you on target?  This is from the fun strat side for Bitcoin is $250,000.  And if you look at the A-year average,  then you can see the range of prices for Ethereum  using this ratio and different levels of Bitcoin.  And here's the 2021 hot.  And as you can see, at a $250,000 Bitcoin,  you get to somewhere between $12,000 and $22,000 value  per Ethereum token.  But that's just a ratio recovery.  If you look at the replacement cost of payment rails  and the banking system,  that gets you to an implied value  of Ethereum of around $60,000.  And that puts the ratio at roughly 0.2500,  Ethereum to Bitcoin ratio.  And as you can see, that's how you get to $62,000  per Ethereum token.  There you go.  That's a simple as that, dude.  That's how you get to $62,000 per E-token.  All right, I should say.  I mean, a lot of people are quoting,  that's the top side of his range.  He's not calling for that necessarily.  He's saying right here,  the range if you just take the Bitcoin ratio  and we get back to average  and Bitcoin goes to $250,000.  We get $12,000 if we get our 2021 high  in the E-tcoin ratio, we get $22,000.  So his range there is $12,000 to $22,000.  Not necessarily by the end of the year,  but I don't know, maybe.  And then his projected Bitcoin end of your price  is $250,000.  So he's saying end of the year.  He didn't explicitly say,  therefore my expected E-t ratio end of your price,  he didn't continue that.  But it's kind of follow that he does say that.  Yes.  And then he goes,  but up, bubba.  62K.  Which, okay.  You know, he's doing two things.  He's combining TA and doing the whole  Wycoff base thing.  Yeah.  And then he's also making an opinion stance.  And then he about like,  if Ethereum captures X% of commerce in AI,  like agentic commerce,  then you just add on to it.  So he's combining two different strategies here.  Of course.  But that's what everyone does in crypto, I feel like.  They combine a little bit of kind of  a lot more long term type TA,  call it the Ben Cowan type of thing, right?  This is just flavored with Tom Lee.  Flavored with his characteristic bullishness.  And now, in particular, his eat bullishness.  So when I saw that, this, I thought, okay.  I mean, of course, 62K.  If that means that starts to get into that,  doesn't sound reasonable, Tom Lee.  How do you get that number?  But when you look at sort of the long term ratio  and the possibilities and the building momentum,  that's what he said.  Like, you know, we've been three or four years flat.  And now we've broken out of that, right?  12K, 22K.  I can see that range being totally possible.  Now, I don't know if we hit that by the end of the year.  We got to get through down, downtenberg, of course.  But what do you think about Tom Lee's bull case?  I mean, the whole of Wycoff accumulation  that he started with at the very beginning,  I resonate with because that was where I got my like,  shipped Wycoff.  Wycoff, yeah, Wycoff, yeah.  Yeah, that's when we were looking at all  throughout 2018 through 2020, when ETH was flat  between $100 and $300 for like two years.  It's actually crazy that we are twice that long.  And so he goes like, okay,  and then there was a $54X increase from $90 to $4,900.  Could that happen again?  Well, the Wycoff accumulation is twice as long.  And so even if you say that like, okay,  you can't go $54X from $4,000.  Sure, I'll take that.  Like that's probably should be base case.  Like you can't do another $54X into infinity.  But the Wycoff accumulation is twice as long.  And if we've done it once before,  so there is something to the notion  that like ETH has coiled up for quite a long time.  Right, yeah.  I mean, it sounds possible to me.  All of this sounds possible to me.  And the one thing I like about Tom Lee,  well, one of the many things I like about Tom Sir Tom Lee  is that he is backing this up.  He's putting his money where his TA is, I guess,  or where his price predictions are.  And he's buying astronomical amounts to me.  And he looks his finger, sticks it in the air,  and says $62,000, but in that,  oh, by the way, there's a rumor going around  while you're out, the Tom Lee's gonna be on Joe Rogan.  Yeah, I came back, it's Joe Rogan.  Just a rumor.  Just a rumor.  I can't even, that would actually be material.  I can't even predict what that conversation would be like.  Tom Lee and Joe Rogan, it's like just like,  it just doesn't seem to fit.  But I guess we should play a drinking game  for how many times Tom Lee says ETH on.  First big coin.  No, I think he says ETH probably 200 times.  Oh my God.  On the show.  That would be very bullish, but then I could see 62K.  That's in the cards.  Ratio, how are we doing on the week?  Below 0.04, which is at 0.03928,  ETH is just retraced a little bit, but down a little bit.  And then we are below a trillion total crypto market,  have 3.87, David, you must have noticed too  while you were out coming back.  Gold has hit an all-time high.  It is doing well.  This is such a kind of scary to me when gold goes  in parabola mode.  I'm like, yeah, that's scary.  Yeah.  What's the most?  What's it it's doing?  I mean, it's a kind of store value asset.  This is the Ray Dalio thing.  This is Bolognes take, which is somewhat interesting.  It's basically gold is now the store value for central banks,  whereas digital assets crypto is the store value  for individuals.  And so basically what you're seeing is central banks  are stacking and buying and accumulating gold  and individuals are using crypto assets.  Primarily is their store value.  Totally checks out.  Which central banks is buying all of this gold?  Who's moving the gold price?  Time of them.  I'm China, Russia of them.  Yeah.  A lot of this has happened post the,  the tankings.  Freezing of Russian banks.  Yep, yep.  And so this is what you get, gold all-time highs.  All right, then.  David, let's talk a little bit about the treasuries.  I just want to recap the last like 30 to 90 days  of Ethereum in particular,  because it's had an incredible 90 days  with respect to its institutional accumulation story here.  This is a chart of ETF flows.  Blue is Ethereum.  Look at this.  That's a lot of blue.  June, July, August.  Look, August, it's all blue.  Oh, it's like 90% blue in August.  These are net inflows, I should say.  And ETH has just led.  It has dominated for the past three months,  and even into the past summer, for the summer, yeah.  This is Crypto Treasury companies, purchases by assets.  Bitcoin, of course, of course.  That is.  Ethan Ryan, I give you permission  to use the F-word right here.  Right?  Yeah.  It's fantastic, isn't it?  Oh.  It's, yeah, it's incredible, like from June,  or Bitcoin.  I'm sorry, you're my dominant.  I know what you meant, I know what you meant.  July, ETH was still smaller, but August,  it's dominated in terms of treasuries.  It's not even close, there's no other colors.  Not even close.  This is a tweet from CryptoGucci.  Bitcoin is accumulating 20 times.  CryptoGucci.  Gucci.  What did I say?  Gucci.  Yeah, 20 times whatever.  20 times faster than MicroStrategy ever did.  So this is Bitcoin, this is, of course, certainly.  He is doing this much faster.  This is a log chart, a little bit deceptive here.  Yeah, a little bit, a little bit.  Until you realize it's a log chart, but it is a log chart.  And look at the Bitcoin line versus MicroStrategy.  Well, above 10% of MicroStrategy is still pretty large,  given how long Sailor has been buying Bitcoin.  Yeah, what's the way to say this?  Bitcoin has done what, like in 60 days,  what took MicroStrategy how many, like, four years to do?  Three or four years to do?  In terms of percentage supply.  Yeah, he's absolutely incredible.  Not only Tom Lee though, but Ether machine also bought  $654 million of ETH through a private transaction.  Yeah, so it brings in the total holdings  in nearly 500,000 ETHs, almost half a million ETHs.  As it prepares for a NASDAQ listing later this year,  so yeah, Ether machine not yet actually being traded,  which is kind of interesting.  And then also you know who bought ETHs a bunch of ETHs this year?  Or just recently?  Yeah, who?  Jack Ma.  Jack Ma, the guy from Alibaba.  Well, not technically Jack Ma, but a,  there's like a series of events between this,  like one Chinese financial group.  Jack Ma owns 30% of it.  He founded the thing that the current thing bought, whatever.  Young Feng Financial Group bought $10,000 ETH for $400  for $44 million to just put it in his corporate strategy.  Yeah, this is a Hong Kong finance company.  And the reason that they said they bought it  is as a strategic reserve asset,  which is obviously narrative violation there.  And then it jumps by 10% after the announcement,  which means they have more capital.  Yeah, one thing, David, as we kind of zoom out,  we look at the strategic ETHs, here,  all of the ETHs, we see BitMind, the scoreboard,  is BitMind clearly in the lead,  1.87 million, sharp link gaming,  837,000 ETH, the Ether machine under that,  just under 500,000 ETH.  So three horses in the top here  that are still kind of competing.  One thing I should draw your attention to though,  is this column right here, the MNAV column, okay?  So BitMind right now, 1.05,  lowest I've seen it on the week.  Sharp link gaming is under 1, at this point in time.  And there's some dispute as to whether it's actually under 1,  it depends on who's measuring how it's-  Because we don't know how many shares  equities have on this stock market,  which is an insane thing to not know.  Yeah, but the whole stock market,  you don't know how many shares there are.  It's hard.  I mean, so we've got different dashboards claiming different things.  And they're all pretty close.  This is actually the official sharp link dashboard  that they published.  This might not even be accurate.  But this is an MNAV of 0.84.  Okay?  So there's that, there's the strategic ETH reserve  is 0.87 blockworks with somewhere around there as well.  So different dashboards are giving you different numbers.  Here's another one.  That is a crazy.  It looks like it may be one, it might be one  or it might be under one at this point in time.  So what's your take on that?  I guess one thing it means is the ATMs,  the AT the market purchases where these treasury companies  can basically dilute their shares  in order to buy more ETH.  They're not going to be able to do this anymore  with MNAV at one or below one.  So that's an obvious takeaway.  Some of that buying has to stop.  But what do you think about these treasury vehicles?  Like, are you worried about this?  Do you think that this is a buy?  I think we need more data really just  with the ETH treasury companies  because it's still such a new phenomenon.  But my current understanding of MNAV  is it's kind of an oscillator  in the sense that it will oscillate above  and I guess also now below one.  And it'll oscillate around kind of like retail sentiment,  retail froth around ETH through the asset.  And so one potential path forward  is like maybe we do this whole  down-tember October thing.  Maybe MNAVs even go way lower.  Maybe they go to 0.8 or something  and everyone gets wrecked.  But then ETH goes into price discovery  and MNAVs go back up to 1.2, 1.5, maybe even two.  And it just oscillates back up  and it's kind of just like a,  it just overshoot sentiment.  It's a sentiment checker on steroids.  And so if retail is bullish ETH,  then MNAVs go to two  and then all of a sudden more ETH goes on the balance sheet.  And right now we're just in a depressed state.  There was a lot of froth like last month  and now everyone's like, okay, let's check  if we're all still good here.  And let's let the tide go out a little bit.  Everyone's still wearing shorts.  Okay, we're good.  All right, let's send it back up.  And I kind of feel like that's where we are.  Well, if that's the case,  if you write about that,  then it does seem like some of these treasury companies  below one could be a big buying opportunity.  I would say yes.  And I spoke to Joseph Shalom from BlackRock last year.  I don't know if you guys really get episode.  You caught up with that?  These guys are long-term oriented.  Joseph Lubin, he's been holding ETH forever, right?  And yeah, the two bald Joe's, man,  they're gonna get us there.  Another thing that's happening  with ETH treasury companies,  ETH Zilla, where I think that's number four,  think the largest ETH treasury company,  they are deploying 100 million into DeFi.  They're putting it into ETHERFI.  The reason why Ethereum is so cool is  because you can buy the asset  and you can recirculate it into the economy  that supports the asset.  ETHERFI's got 11 billion, TVL.  It's what is the largest re-staker.  And I just love the fact that we can actually  repurpose our capital.  That's why ETHER is so excellent as an asset  is the capital efficiency.  You can buy it and then you can do things with it  to get more yield.  Why are they putting it into ETHERFI?  Because ETHERFI gives you some of the best yield  on your ETH.  And yeah, so that's pretty cool.  That makes sense to me.  In addition to that speaking of ETHERFI,  they're kind of having a moment right now.  So ETHERFI also has a credit card.  So you can deposit ETH into,  or like, say, blows into your ETHERFI ball.  It gets yield kind of similar to like urine  back in the day if you remember.  But then you can swipe your ETHERFI credit card  and it spends the money straight out of your accounts on chain.  So that's pretty sick.  So you're bypassing a bank altogether.  Bypassing a bank, yep.  It goes, it's just straight noncosodial on chain.  Pretty sick.  Apparently Brazilians figured this out.  And Brazilians signups for ETHERFI credit card  is just like up and to the right.  And this is basically like just a huge revenue stream  for ETHERFI.  So congrats to the ETHERFI team on the success.  Like seeing actual adoption of their product  plus deposits from ETHERFI companies is pretty cool.  Well, all these ETHERFI companies are looking for yield.  It's hard not to think this is going to cause a DeFi  and Ethereum DeFi echo boom  as some of these large treasuries go and look for yield.  On that, Lido, David, I don't know if you notice this Lido,  they launched a new Earn product this week,  which is kind of cool.  So this is them kind of going up market.  And it's basically blue chip Earn potential for your ETH.  So this like thing is called Lido DVV.  And it gives you 4.5% APR on your ETH.  And it kind of distributes it to blue chip DeFi, essentially.  So with one click button, you can get that yield.  So I think blue chip ETHERFI is going to be a big thing  to what be yield, yield, yield.  Yeah.  Something that's also happening strategy.  I'm going to put my eyes on strategy right now.  Looking at a potential inclusion into the S&P 500,  which is the end case.  That's free money.  That's for all treasury companies.  If you get into the S&P 500, you just  have the permanent, infinite bid.  If you're a hardcore Bitcoiner, which I definitely  appreciate these perspectives at times,  you kind of understand MicroStrategy is like an attack  on the United States dollar, just short the dollar  as much as possible, long Bitcoin as much as possible.  And if you get into the S&P 500,  you get a free flow of capital to continue showing the dollar.  It's just all that passive yield.  I don't know if you can capture it in 401K,  because you're in all of the funds.  Some people have to buy MicroStrategy.  And what does Michael Saylor do?  He translates the value of the MSCR stock  into Bitcoin on the balance sheet.  And if you're in the S&P 500, you just have free flows  to constantly reload your ammo to buy more Bitcoin.  Yeah.  This is the end game for all treasuries.  MicroStrategy is almost there.  And East Treasurer could get there someday.  I mean, before you get to S&P, you get to like wrestle,  which is another index of like what is, I don't know,  thousands of companies.  So they're all trying to get into these indices.  That's why it's a power law winning game as well.  David, the NASDAQ looks like it's tightening.  Some of it's disclosure requirements for DATS though.  I think they are very aware  that there is a DAT bubble happening.  There are quite a lot of DATS  and they're, we're going down the long tail  of the shitty assets in crypto.  And they're getting DATS.  Like story protocol is getting a DAT.  Yeah.  So the headline reads,  the NASDAQ is tightening scrutiny of companies  raising cash to buy crypto.  They are beginning to require shareholder votes  for some deals and pushing for more disclosures.  They may also suspend trading or delist firms  that fail to comply according to anonymous insiders  mentioned by the publication.  And so actually following the news,  share prices of several DATS actually fell.  So I think you probably hone in these assets  like know that there was probably some shenanigans going on.  And I am just perfectly okay with this.  More disclosures good.  Thanks.  We got next David,  we got to talk about world liberty finance.  It's a token just started trading  and the Trump's crypto wealth.  They are now like crypto mega billionaires.  And stacking quite a hurry to talk about that.  Also maybe this caused Gavin Newsom  to want to launch a meme coin.  All right, he actually said this.  No, thank you.  I think he's going to do it regardless of what we said.  We're going to cover all that more.  But before we do got to think the sponsors  that made this possible including Uniswap,  browser wallet, mobile wallet,  the best place to do DeFi including the Unichain.  Theorem's layer two universe is exploding with choices.  But if you're looking for the best place to park  and move your tokens, make your next stop Unichain.  First, liquidity.  Unichain hosts the most liquid Uniswap V4 deployment  on any layer two,  giving you deeper pools for flagship pairs like each USDC.  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Over one million DeGents now power each other  with their generosity, creativity, and ability  to get things done.  At the center is the DeGen token.  It rewards engagement, fuels tipping,  and drives the marketplace for builders and fans.  That same energy gave rise to DeGen Chain,  a fast, low-cost layer three for new projects.  And now the DeGen app, the easiest way to connect, earn,  and participate in decentralized social media  with a built-in wallet and real token utility.  And DeGen, the hat stays on.  Join DeGen and get on the app weight list  at www.deGen.tips.  The world-liberty financial token finally started trading.  It's officially listed on major exchanges  on both spot and perps on Monday,  started on September 1st.  There are a total supply of 100 billion tokens,  which makes some of these math pretty simple.  24.6 billion tokens were unlocked.  So effectively, 25% float, not bad, not bad.  If you are in the pre-sale, 20% of your tokens  have unlocked, and so pre-sale investors have unlocked,  the remaining roughly 75% of the supply  will remain under investing schedules,  different investing schedules for depending on  what kind of tier you are in.  The first day of performance, the opening price was 30 cents,  which gives it a fully diluted valuation of $30 billion.  We are down to about 17, 18 cents.  So that's about $18 billion, fully diluted valuation,  a market cap of effectively almost $5 billion.  That puts world-liberty financial at number 39  in all crypto assets, which is pretty crazy.  Trump says, even though it's down,  this is just the beginning, so a long way to go.  We should do kind of a reminder  of what world-liberty finance actually is  and what they've launched.  Do we know?  They don't have a function yet.  Yeah, okay, so they do have some stuff.  Let's just go here for a second.  I'll pull it up.  Okay, so first of all, there's the USD one.  So they have a stable coin.  A stable coin, right?  Okay, it's not nothing.  I was looking at the charts.  It's actually $2 billion stable coin at this point in time.  Okay, so that's, that's launched, that's out there.  There is something here.  There's a stable coin.  It's a $2 billion stable coin.  So 19 providers there.  And then of course, you have the token.  The token is the product, all right?  So we've got two tokens.  World-liberty finance, the WLFI token, you can stake that.  If you, if you so choose, you could also buy it.  You can sell it.  What do you do, what happens if you stake it?  I don't know, who knows?  You can trade it.  Maybe you can't stake it.  Look, yeah, I guess delete that.  Maybe you can't stake it.  You can unlock it, you can trade it.  All right, and you can do governance.  There was a governance proposal.  You can do governance, that's great.  There was a governance proposal actually  to distribute the profits back to WLFI token holders.  So that's going to, well, this is the stuff that's TBD.  WLFI app soon.  And so there's going to be an app, and then there's  a landed borrow.  What I think this is going to be is basically AVE.  So you know how AVE had go, they have their stable coin,  they have borrowing and lending.  I think this is like world-liberty financial  America Trump branded AVE kind of wrapped  with a meme, WLFI meme token, basically.  Can we launch your website with a bunch of features  that I'll say soon on it and make a token?  No, you can't, because you're not Donald Trump, okay?  So, you know, it's hard to do if you don't have that.  Can I tell you what the first governance proposal is  on world-liberty financial?  Yeah.  You actually mentioned it, buybacks.  So they announced that they kicked off a governance proposal  where 100% of the fees earned by WLFI's  in the future.  In the future?  No, no fees now.  No, no, no, current, current.  The protocol owned liquidity.  So there is owned like ether and stables.  Oh, that's right.  They put that into, they collect fees on that  by like helping it into AMM or something.  They collect fees and those fees go back  to burning by the burn.  It's pretty home.  You don't want to show, you don't want to show  your revenue here, you know?  So you've got to imagine the revenue possibilities.  It's better, it's worth more as a meme coin.  Speaking of how much it's worth,  crypto is now the biggest portion of Trump's families,  paper net worth.  So big and real estate,  but all of their real estate holdings  were worth like $2.5 billion or something.  World Liberty Finance alone,  the one point was worth $5 billion.  And that's not to mention.  The trend lies ownership of world Liberty Finance.  Yes, and that's not to mention,  you know, Trump media and technology holdings,  they have 15K bitcoins, 1.6 billion.  They also partner with crypto.com  on the CRO type deal.  They have a holding company,  which is a crypto treasury vehicle.  The Trump's sons also this week,  they launched a Trump-backed Bitcoin company  called American Bitcoin.  This is a Bitcoin treasury and a Bitcoin mining company.  They have a chunk of that.  That's seven to eight billion  in terms of market cap right now.  I don't know how much they have.  They don't market cap, total.  But I think, I don't know,  I was reading maybe 30% of that.  Look, dude, it's definitely,  I don't think it's double digit billions,  but like five, six, seven billion  that Trump has just in crypto holdings at this point.  And keep in mind, they are doing a fantastic job  of monetizing the role of the president.  Yeah, all of the things.  No one's done it, though.  Oh, last week, while you were out,  a Trump junior became advisor for a polling market.  Yeah, yeah, we've got that later in the agenda.  We're gonna talk about that.  It's like all of the things.  So this has caused probably people like a Democrat,  Gavin Newsom, who is like in a meme war  with Trump right now,  to talk about launching a meme coin.  I'm gonna play this thing again.  And if you want a real prediction,  I know we talked about the Taylor Swift prediction.  The real prediction is,  we're about to put a meme coin out.  And you know what, Donald Trump,  we'll see how well your coin does versus our coin.  I mean, we're just trying to tune up the heat  and trying to tune people into the absurdity.  Is it gonna be called Gavin Coin?  No, it's, I think Trump corruption coin.  Gavin, you're gonna lose, man.  His heart's not in it, is it?  You're going up against Trump.  Gavin's a, he's not a bad meme,  but he's going up against Trump.  Like, you're gonna not gonna out meme that, man.  What would be funny, though?  Cause Trump launched his meme coin on Solana  if Gavin launched his meme coin on Ethereum  just for the sake of the meme.  Just like put all the libs on Ethereum.  Oh, God, I don't want the Trumpers on Solana.  Those political wars to bleed over into crypto.  I just, it's funny.  I just don't think Gavin's heart isn't it.  I don't know if he's actually gonna do it,  but I think he just threw out that comment.  He threw out that comment, you think?  This is a Jake Trevinsky take, which I resonate with.  World Liberty Financial will make it way harder  to get market structure legislation done in the Senate  where we need seven Democrats to vote, yes.  And for whom a pro crypto vote will be politically challenging  to put it mildly, no matter what the bill says  about policy, happy fall.  So we've always been the danger of politicizing  and getting, putting crypto behind one political party.  The stuff like this becomes more difficult.  Yeah.  So I think he's right about that.  I don't know how this votes for clarity,  but I'm a little bit worried about this.  In better news, though, David, we have a clear,  a possible clear path now for Spot Bitcoin and Spot Eath  to be sold on the New York Stock Exchange and the NASDAQ.  How does this work?  All right.  So are there other things that are just directly listed  on the NASDAQ?  How does that work?  So you know currently there's like two worlds.  You have crypto exchanges and then you have  tradify exchanges.  And those two worlds are pretty much separate.  The CFTC and the SEC issued a joint statement.  That in itself is notable.  A joint statement like they're actually talking  to one another and cooperating?  Who would have thought?  Well, that's happening.  So very bullish on that side.  They basically said the path is clear  and they were looking for proposals  for these large US-based exchanges,  tradify exchanges to submit a proposal  to be able to list assets like Spot Bitcoin or Spot Eath  on the New York Stock Exchange,  on the NASDAQ and the CBOE.  Okay.  Now in order to do this, there are some hoops  that these organizations would need to go through.  They would need to figure out the filing itself  with the SEC, custody and CFTC,  custody and clearing as well.  So they're not going to store it.  They use Coinbase or Crackin  or somebody else to actually store the assets.  And the surveillance hurdles, right?  So SEC and CFTC have surveillance laws.  But if they get through those things  and they submit a report, the SEC and CFTC are saying,  it's legal, you could do this.  In fact, we want to see these reports.  And David, one reason why this is significant  is because these exchanges alone,  they do about 600 billion in daily volume  across their assets.  In comparison, our largest exchanges in crypto  do about 20 billion, okay?  So we're talking about massive volume  if these assets, Spot Bitcoin, Spot Eath  are listed on these exchanges.  It's not going to happen overnight,  but now the path is clear for them to do that.  Okay, here's what I'm a little bit confused about.  First, this seems competitive  with some of their current customers  being like BlackRock, Fidelity, Bitwise,  who have listed actual ETFs.  And so they're going to be competitive  with their biggest customers.  Like I wouldn't want to piss off BlackRock.  And also they're going to have to charge fees  for custodian shipping and other things.  And are they going to be fee competitive  with BlackRock who's coming in it?  I don't remember how many Bips,  but a low number of Bips.  With the Bitcoin and ETH ETFs, you mean?  Yeah.  So if like NASAC listed their own financial products,  which are competitive with what they're supposed  to offer a service of a platform to trade,  but then they're also offering products  that are competitive with other people,  it I'm kind of confused by how this works.  Yeah, I don't know that they would be offering  the products themselves.  They would just be like these products  could be available outside of an ETF  from some other issuer, I suppose.  Okay, yeah.  And so the only way they've been available right now  is an ETF form.  I'm not sure what that unlock is.  Yeah, what do we unlock here?  Because like the ETF is like the ERC20 token  for a Tratfai, like it's the composable thing.  You can collateralize it in your brokerage.  It's like what everyone is used to.  I don't know what this unlocks here.  I don't know that it's going to lock  a lot of pent up liquidity  that hasn't been able to access these assets right away,  but it is a marker of the convergence here  that's happening between the world  of you have crypto exchanges over here.  And then you have all New York Stock Exchange,  all the Tratfai exchanges over here.  And now these can list crypto assets,  the Tratfai exchanges and the crypto exchanges  were seeing them evolve to start listing equities  and tokens.  So it's just another marker of the growing convergence  that we're seeing between these worlds.  I did like that line in your recent debate  with OMEED versus Austin Campbell.  Great fucking episode, excuse me.  Where the premise was that there's like currently  the Tratfai world in the crypto world.  And in the future there's just gonna be one big  financial world and these things are gonna bleed together.  I did like that line.  Speaking of that, we got some details  on Stripes layer one, the tempo release.  We're talking about that.  Also some big moves in the tokenized securities world,  both on Ethereum and Salana.  And David, you gotta talk to me about tokenized Pokemon.  I don't know how I missed this last week,  but you came back and you told me  that was a thing happening crypto.  Possibly missed the tokenized Pokemon meta.  We'll get to all that and more,  but first we want to shout out our friends over at Frax,  some of the best yield in DeFi.  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This interestingly got broken on Twitter by Matt Huang  from Paradigm before anyone I saw from Stripe  actually tweeting it, but the people from Stripe  followed up a few minutes later.  So here are the details.  Tempo is a purpose built blockchain for stable coins  and real world payments.  Born from Stripe's experience in global payments  and Paradigm's expertise in crypto,  to ensure Tempo serves a broad array of needs.  We're excited to be working with an incredible  in group of initial design partners,  including Anthropic, Deutsche Bank, DoorDash,  Lead Bank, Mirkery, New Bank, OpenAI,  DoorDash get in Shopify, Standard Chartered Visa and more.  Interesting to see some of the AI companies  in their obviously blockchains and AI's go together.  How are AI's going to send money on a blockchain?  It makes way more sense.  Tempo is being designed to be a payment.  I'm also reading from Matt Huang's tweet.  Tempo's payment first design includes predictable low fees,  payments and gas in any stablecoin via an enshrined AMM.  What does that mean?  That means that the Tempo blockchain has an AMM  built directly into the blockchain.  Paradigm also Dan from Paradigm  just basically helped build Uniswap V3 and V4.  So I would assume this is very significantly overlapping  with Uniswap to put that right into the blockchain.  And then because it's enthrined,  you can just pay for gas via any token  by having liquidity access through the AMM.  That's kind of cool.  Payments first UX, dedicated payment lane memos,  access lists, et cetera, opt-in privacy,  scale 100,000 transactions per second  with sub-second finality.  And this is all built on Reth.  The Rust Ethereum client pioneered by Georgios  in the Paradigm team.  So this is Reth's first big debut in production  as a dedicated client for a layer one blockchain.  And then lastly, Tempo eases the path  to bringing real workflows on chains such as global payments,  pay-in, pay-outs, pay-ins and pay-roll,  embedded financial accounts, fast and cheap remittances,  tokenized deposits for 24-7 settlement,  micro-transactions and agent payments.  Interestingly, we are building Tempo.  This map, again, it's always been met.  We are building Tempo with principles  of decentralization and neutrality.  That includes stablecoin and neutrality.  Anyone can issue a stablecoin  and any stablecoin can be used for payments or gas,  along with an independent and diverse value set  with Ryan, a roadmap to a permissionless model  which I find interesting.  It is interesting.  And so this is EVM, which is cool.  It's all Reth.  So you can see this is really a fusion of,  there's a lot of paradigm influence in this as well.  I actually got some of the inside scoop  because I talked to Zach Abrams earlier this week.  That episode's going to be out on Monday, I believe.  And Zach is the guy who sold a bridge.  It was basically a stablecoin payments company.  He sold bridge to Stripe for a billion dollars.  And Matt's had a key role in actually selecting this platform  and going with an L1.  And so I asked him, I was like, Zach,  why did you guys do it?  And he went through a case, actually he tweeted about this.  But one of the things that they had been trying to do  at bridge was do like basically an air drop.  Imagine, for instance, if you,  remember the STEMi checks we all got,  imagine he wanted to issue STEMi checks  like 50 million Americans.  And they did some of this, I forget what country he mentioned,  but they were doing large scale air drops of stablecoins  to some users for some particular use case.  It's a none of the change.  None of the L1s could actually support that use case.  They were too slow, cost too much in terms of gas.  They even tried things like stellar.  So people I don't remember,  but Stripe was an early investor in stellar.  And that was a chain that they were attempting this on.  Yeah, okay.  And so his take was basically,  we couldn't accomplish this with any public L1.  And so we needed to roll our own.  And so if you want that sub-second finality,  and if you want the, even the privacy  and to like low gas fees,  layer one for them, he said was the only option.  So that's some of the reason why  and some of the use cases around it.  Now, I find that answer incomplete,  but I'll accept it for now.  Yeah, he was also very quick to say,  this isn't Stripe's chain, right?  And as you saw that consortium of other companies,  it almost reminds me a little bit  of the resurrection of Libra.  Just on a smaller scale.  It's just Libra, this is Libra.  But Libra was not EVM.  Now they're doing a Libra version with EVM  and sort of a consortium.  So this is the spirit of Libra.  Same kind of fly.  Which honestly you have to give credit to Libra  for being way ahead of its time.  Yeah, it was just like wasn't politically tenable  at the time and what totally is.  That's why they're doing this.  Yeah.  Dave, there's some big moves  in the tokenized securities world.  The first was Ondo.  So Ondo launched tokenized securities on Ethereum.  So are you familiar with Ondo at all, David?  I know the name.  I haven't really ever done the rabbit hole deep dive.  They've been around for a very long time.  They've been pretty big in the world  of tokenized treasuries for a while.  And this is their first attempt, I believe.  It's restricted.  So here's the thing.  It's not available for people in the US.  So I'm not on a VPN right now.  Just like a good American.  I can't access this.  But it has a whole bunch of stocks, ETFs.  There are some limits in terms of how much you can buy.  ETFs, all the big things.  I know it's like 100, 200 different stocks  and ETFs that you can buy.  And the benefit here is it's not like X stocks.  So the benefit here is you get a better liquidity guarantees.  So the problem with some of the tokenized securities  like X stocks was there almost like a synthetic version.  And they would trade off the price and liquidity  of kind of the primary versions of these assets  that were on like real trad-fi exchanges.  This gets around that.  And I'll tell you how it gets around this.  This is on Ethereum, but it's actually  using intense infrastructure.  This is actually a unique use case  for Ethereum real world assets, how they work.  So I was talking to the team.  Our liquidity model they said is fundamentally different  from existing permissionless solutions like X stocks.  We do not rely on on-chain market inventory.  Instead, their architecture runs on intense-based systems  where the tokenized stock is only  minted when investor demand occurs.  All right, so there's some investor demand.  I'm doing a 10K buy for Apple shares, let's say,  and then an intent clicks.  And that is fulfilled on the other side.  So this allows them to not pre-fund the liquidity on-chain.  So it lowers the capital cost of bringing  traditional markets on-chain.  And it was beneficial for them to launch on Ethereum  because Ethereum has very well developed  intense-based infrastructure to support  that type of the use case.  So it's interesting.  I think it's an evolution of what we've seen  with tokenized stocks, like X stocks,  kind of janky, had some problems.  This is better from the liquidity side of things.  It's still not the same as actually owning a stock.  All right, but you can redeem it very quick  and it should trade closer to the price.  Well, Ryan, if you want to actually own a stock,  you can actually own Galaxy stock.  You're just gonna have to go to Solana to do it  because Galaxy has tokenized their actual stock,  not an IOU of a stock, but the actual stock  is now tokenized on Solana.  This is with Robert Lescher as a super state.  There's a coin gecko page, which is pretty cool.  It's not yet trading, so there's no price  or price action at all.  But the fact that there is a coin gecko page  of what is an actual stock, again,  not a redeemable first stock.  It's the first native security that we've seen.  It's a native security on a blockchain,  which is pretty damn cool.  I of course went right to my DMs with Robert Lescher.  I was like, Rob, why is it on Solana?  He says, if you are the issuer of said stock,  you get to choose what chain you put it on.  And apparently Galaxy just chose Solana.  Yeah, I think this is a big step for it,  actually getting native securities on chain.  And it's much better than the X-Doc design,  much better, I guess, from a property rights perspective  of the inner property.  It is the property.  The problem is, though, it is gonna be harder  to bootstrap this because what this requires  is that every single issuer want to do this,  cooperate, create a new legal structure,  specifically for their tokenized stock on chain.  So it seems like you could get one or two  or some niche players.  It's gonna be hard to get the type of volume  that tradifies getting until you kind of break  through that bootstrapping problem.  Hopefully, this is where everything goes.  And we get actual native stocks on chain,  but it could take a while to get there  and we'll have these hacky type solutions until then.  Well, I wanna push back a little bit on that  because, yes, everything you said right is correct  and right is like if there's friction,  the new legal entity, all that kind of stuff  is gonna have some costs.  A, there are IPO costs.  And so costs are being paid to access liquidity  one way or another.  But like if our thesis about DeFi is correct,  which is you get capital efficiency,  you get if you put a token on Ethereum,  you get access to Ethereum's complete DeFi toolset,  there's a very strong gravitational pull  to be able to put your stocks inside of Ave or Morpho  or any sort of DeFi app.  I think for crypto native companies,  it could be worth it for them, right?  Cause they already have the crypto customers.  But if you're looking at like the liquidity of basically,  you know, the traditional exchanges  and 600 million in securities volume,  and then you go, you look at crypto securities liquidity  and it's like, I don't know, 20 million a day or something,  you're definitely gonna wanna put your asset  where the volume is.  And that's just the bootstrapping problem you have to get over.  And now it's Robert Lesterner's job  to go and seek out like the larger and larger like deals.  So he can go start climbing the ranks  of publicly traded companies and be like,  Hey, you wanna get your tokens on crypto?  And the more he does that, the more liquidity flows.  More like stablecoin all time highs  are being broken every single day.  And so the size of the gravitational pull is increasing.  It'll just take some time.  I agree with that.  David, Polymarket finally got the green light.  Do you wanna read this tweet?  Yeah, yeah.  From Shane Compleman, the founder of Polymarket.  Polymarket has been given the green light  to go live in the United States by the CFTC.  So they received a no action letter.  They filed saying, Hey, can are we gonna get in trouble  if we allow US citizens?  And the CFTC said, we're, no, basically, no, you're not.  And so that's nice.  We can all take down our VPNs now.  United States citizens can now access a Polymarket directly.  And this is pretty cool.  I mean, this is huge just for,  I think just like assurances and sentiment, I would say.  It'll will be kind of cool.  I guess also funds can now go trade on Polymarket.  I don't really think this really stopped any individuals,  but it definitely stopped funds from trading on Polymarket.  If they wanna take a position in something.  I think I feel like it stopped Polymarket  from going as mainstream as it could have.  And it probably will go post this, right?  Just because there's friction in a VPN.  Yeah.  You know, like, I mean, people are gonna,  not for us not getting USDC under Polymarket.  But plenty of friction cause of the VPN.  Yeah.  Is this Mr. Beast talking about his,  Mr. Beast was on a live stream looking at Polymarket  and he just was having a good time.  So yeah, like Mr. Beast on Polymarket,  Polymarket is becoming just like a household name.  As we mentioned earlier in the show,  Donald Trump Jr. takes a stake in the prediction  platform, Polymarket.  So he bought a bunch of shares  and now he's on the advisory board, interestingly enough,  He's also on the advisory board of Kallche.  And have you been following the Kallche Polly market  just a little bit back here?  Absolutely boiling like war between these two organizations?  It's a big hatred, right?  It's a big rivalry.  I don't think I've ever seen a level of hatred  between two countries.  Should we get them on credit rates?  Should we get the founders, both founders, just like...  I don't know.  There's any debate to be had.  It would be more of like a mediation.  Okay, so there's a tweet from this guy, William Legate,  who I thought was pretty interesting.  Invite interesting, I mean hilarious.  He said, when I joined Kallche a year ago,  Tarek, some guy at Kallche, made their mission clear.  Quote, copy everything Polly market does.  Our mode is regulatory capture.  And then he's tweeting out the fact that CFTC granted  Polly market, they approval to make available to US citizens.  So William continues and says,  today that mode no longer exists.  I couldn't be more proud of my decision  to join Polly market.  Why copy the best when you can build it?  So basically now that I Polly market.  He flipped from Kallche to Polly market,  because Polly market is the cooler one to be.  The founder or somebody of Kallche came into his replies  and said, this is a lie.  Tarek did not say this.  You are just spreading misinformation.  He shares an email from William talking shit  about Polly market, trying to get a job at Kallche.  I don't know what the hell is going on here,  but like the, oh god, there's some huge beef.  I mean, there's rumors that Kallche,  I don't know if I should say this,  but there's rumors I've heard that  the Kallche FBI swatting of Shane Coppelman,  I heard those rumors.  That was like that they had reported him  or had some sort of contemplate.  I mean, there's beef there.  That's a rumor.  I don't have evidence of that, but no one does.  You can see why there's some beef there.  You also see why they want some political protection, right?  FBIs are going to raid your house.  How about getting the president's son to invest your company?  I'll do that.  And I hope the political pendulum doesn't swing so hard  next year.  We could swing so hard, so hard.  So enjoy this brief period of time we have, David.  And tell me about tokenized Pokemon  because we can still do that right now.  Dude, okay, so I come back online from Burning Man  and I log into crypto Twitter  and we are doing two things.  We are ranking crypto Twitter accounts  and we are buying tokenized Pokemon.  And I'm like, oh, nothing's changed.  We are doing the same thing.  Okay, so this is the current trend  of tokenized Pokemon cards.  There's apparently three different platforms,  but this one platform collector crypt has taken off.  It is real tokenized, excuse me,  the real Pokemon cards.  Like the actual physical Pokemon cards.  Pokemon cards held in a vault somewhere,  like a physical vault.  So it's a real asset.  It's a real world asset.  Tokenized by this one project called collector crypt  and you can go and you can like open up,  you can buy for $55, you can buy a pack,  a Pokemon card pack and you open up the pack  and there's a Pokemon card in there.  And like some people are like celebrating,  like, oh, I opened up a Charizard  and then you can sell it on the marketplace.  You're not gonna get a Charizard,  statistically speaking, but technically it's possible.  And so yeah, this is the current meta.  We always do this when it happens.  At some point, right?  Yeah, yeah.  It's hard.  Are you a collector?  Do you ever do Pokemon cards or magic cards?  I'd say back in the day, never once  I ever played the Pokemon game.  Didn't even know that there was a game  about the point was to just buy the cards.  You just, I had my binder with my like Charmander  and my Bulbasaur.  Who didn't?  This is how we reach out to the next generation.  Okay, it's not our like defy boomer stuff.  It's Pokemon cards on chain.  I knew this would work.  But when can you put them in Ava?  It's yeah, good question.  Good question.  All right, actually, I'm gonna show you something,  David, you should meet tokenized cards here.  Pokemon cards.  Did it, has anyone alerted Richie Torres to this fact?  Richie Torres, we actually haven't now.  It's, you know, Gary Gensert cannot stop us.  This was kind of cool though.  And with this, you can now borrow in defy  using your credit score, US credit score.  This is always a use case.  I thought would be cool.  And it's just started happening.  So, you know, you have a credit score  based on your credit history in the US, right?  You pay your rent, like mortgages, whatever.  You know, do you pay your credit card bills?  And this is score.  I don't know what your score is.  Some people track this to the end degree.  I, as soon as I got into crypto,  I was like, I don't care about that.  I don't care about this, you know,  there's like a 600, 700 is better day.  I don't know where it's good, yeah.  So, you can just import that into defy  and using this protocol called,  let's see what it's called, 3Jane.  You actually just borrow money on defy  using your credit score.  So, get your credit karma score, whatever,  beam it in here and it'll give you a certain amount  based on your credit score, what you can borrow.  So, this is like a credit use case  using a real world credit score.  I need to put my ID in.  Probably, I don't know, probably.  So, like, if I run away with the funds,  can they come after me?  Well, it'll hurt your credit score.  Don't do that.  I don't care.  If you don't care, it's a one time only thing, David.  If you don't care, if you're never gonna use  the credit score, I just saw a screen shot  with $42,000 on your screen.  If I can go to this app,  and I can, I don't know my credit score for $42,000.  I think that's right, I do that.  Your credit score is literally dropping as we speak  because someone's probably listening in  is like, we're not giving this guy any money.  Well, let's end it there.  You know, crypto is risky.  You could lose what you put in,  but we're headed west.  This is the frontier.  It's not for everyone,  but we're glad you're with us on the bankless journey.  Thanks a lot.","word_count":13504,"segments":[{"start":0,"end":17.48,"text":" Thank you so much.","temperature":0.8,"avg_logprob":-1.9746246337890625,"compression_ratio":0.6923076923076923,"no_speech_prob":0.11749267578125,"words":[]},{"start":17.48,"end":19.32,"text":" Man, dude, how funny is that?","temperature":0,"avg_logprob":-0.33152173913043476,"compression_ratio":1.636085626911315,"no_speech_prob":0.2252197265625,"words":[]},{"start":19.32,"end":22.2,"text":" It's because some point where I can just call it.","temperature":0,"avg_logprob":-0.33152173913043476,"compression_ratio":1.636085626911315,"no_speech_prob":0.2252197265625,"words":[]},{"start":22.2,"end":25.4,"text":" Or like, okay, I'm going on some wild crazy adventure.","temperature":0,"avg_logprob":-0.33152173913043476,"compression_ratio":1.636085626911315,"no_speech_prob":0.2252197265625,"words":[]},{"start":25.4,"end":28.759999999999998,"text":" Ethan's gonna do something and it's just so consistent","temperature":0,"avg_logprob":-0.33152173913043476,"compression_ratio":1.636085626911315,"no_speech_prob":0.2252197265625,"words":[]},{"start":28.759999999999998,"end":30.520000000000003,"text":" to this point, that was actually pretty immaculate.","temperature":0,"avg_logprob":-0.33152173913043476,"compression_ratio":1.636085626911315,"no_speech_prob":0.2252197265625,"words":[]},{"start":30.520000000000003,"end":31.72,"text":" Cause you were kind of off the grid.","temperature":0,"avg_logprob":-0.33152173913043476,"compression_ratio":1.636085626911315,"no_speech_prob":0.2252197265625,"words":[]},{"start":31.72,"end":32.92,"text":" You were a burning man.","temperature":0,"avg_logprob":-0.33152173913043476,"compression_ratio":1.636085626911315,"no_speech_prob":0.2252197265625,"words":[]},{"start":32.92,"end":34.24,"text":" I was gone.","temperature":0,"avg_logprob":-0.33152173913043476,"compression_ratio":1.636085626911315,"no_speech_prob":0.2252197265625,"words":[]},{"start":34.24,"end":36,"text":" Okay, at what point did you know","temperature":0,"avg_logprob":-0.33152173913043476,"compression_ratio":1.636085626911315,"no_speech_prob":0.2252197265625,"words":[]},{"start":36,"end":37.44,"text":" that we hit an all time high at all?","temperature":0,"avg_logprob":-0.33152173913043476,"compression_ratio":1.636085626911315,"no_speech_prob":0.2252197265625,"words":[]},{"start":37.44,"end":38.519999999999996,"text":" It was probably gone by then.","temperature":0,"avg_logprob":-0.33152173913043476,"compression_ratio":1.636085626911315,"no_speech_prob":0.2252197265625,"words":[]},{"start":38.519999999999996,"end":41.28,"text":" I was, we were watching me and Ben Lakeoff","temperature":0,"avg_logprob":-0.33152173913043476,"compression_ratio":1.636085626911315,"no_speech_prob":0.2252197265625,"words":[]},{"start":41.28,"end":42.44,"text":" at Trambaco's Ventures.","temperature":0,"avg_logprob":-0.33152173913043476,"compression_ratio":1.636085626911315,"no_speech_prob":0.2252197265625,"words":[]},{"start":42.44,"end":46.56,"text":" We were in Reno driving to Burning Man losing service","temperature":0,"avg_logprob":-0.33152173913043476,"compression_ratio":1.636085626911315,"no_speech_prob":0.2252197265625,"words":[]},{"start":46.56,"end":48.800000000000004,"text":" as Ethan was flirting with all time.","temperature":0,"avg_logprob":-0.3084051724137931,"compression_ratio":1.713768115942029,"no_speech_prob":0.0275726318359375,"words":[]},{"start":48.800000000000004,"end":50.24,"text":" Oh, that had to be hard.","temperature":0,"avg_logprob":-0.3084051724137931,"compression_ratio":1.713768115942029,"no_speech_prob":0.0275726318359375,"words":[]},{"start":50.24,"end":52.72,"text":" Yeah, and we lost service.","temperature":0,"avg_logprob":-0.3084051724137931,"compression_ratio":1.713768115942029,"no_speech_prob":0.0275726318359375,"words":[]},{"start":52.72,"end":56.92,"text":" And Ethan was like 4780 or something.","temperature":0,"avg_logprob":-0.3084051724137931,"compression_ratio":1.713768115942029,"no_speech_prob":0.0275726318359375,"words":[]},{"start":56.92,"end":60.52,"text":" And then I think, I got like a random bit","temperature":0,"avg_logprob":-0.3084051724137931,"compression_ratio":1.713768115942029,"no_speech_prob":0.0275726318359375,"words":[]},{"start":60.52,"end":63.84,"text":" of service on the fly at like four days into it.","temperature":0,"avg_logprob":-0.3084051724137931,"compression_ratio":1.713768115942029,"no_speech_prob":0.0275726318359375,"words":[]},{"start":63.84,"end":65.52000000000001,"text":" And what did I see?","temperature":0,"avg_logprob":-0.3084051724137931,"compression_ratio":1.713768115942029,"no_speech_prob":0.0275726318359375,"words":[]},{"start":65.52000000000001,"end":66.68,"text":" It was already over.","temperature":0,"avg_logprob":-0.3084051724137931,"compression_ratio":1.713768115942029,"no_speech_prob":0.0275726318359375,"words":[]},{"start":66.68,"end":69.2,"text":" I saw some message from the discourse saying","temperature":0,"avg_logprob":-0.3084051724137931,"compression_ratio":1.713768115942029,"no_speech_prob":0.0275726318359375,"words":[]},{"start":69.2,"end":70.84,"text":" so somebody was like, oh, congrats on Ethan.","temperature":0,"avg_logprob":-0.3084051724137931,"compression_ratio":1.713768115942029,"no_speech_prob":0.0275726318359375,"words":[]},{"start":70.84,"end":71.68,"text":" All time high.","temperature":0,"avg_logprob":-0.3084051724137931,"compression_ratio":1.713768115942029,"no_speech_prob":0.0275726318359375,"words":[]},{"start":71.68,"end":73.12,"text":" The message was like two days old or something.","temperature":0,"avg_logprob":-0.3084051724137931,"compression_ratio":1.713768115942029,"no_speech_prob":0.0275726318359375,"words":[]},{"start":73.12,"end":73.96000000000001,"text":" Yeah, yeah, yeah.","temperature":0,"avg_logprob":-0.3084051724137931,"compression_ratio":1.713768115942029,"no_speech_prob":0.0275726318359375,"words":[]},{"start":73.96000000000001,"end":75.2,"text":" But unfortunately by the time you got that,","temperature":0,"avg_logprob":-0.3084051724137931,"compression_ratio":1.713768115942029,"no_speech_prob":0.0275726318359375,"words":[]},{"start":75.2,"end":77.2,"text":" if you checked prices, it probably would have been like","temperature":0,"avg_logprob":-0.1854575163398693,"compression_ratio":1.7699680511182108,"no_speech_prob":0.0031719207763671875,"words":[]},{"start":77.2,"end":79.64,"text":" 42 longer or something like that.","temperature":0,"avg_logprob":-0.1854575163398693,"compression_ratio":1.7699680511182108,"no_speech_prob":0.0031719207763671875,"words":[]},{"start":79.64,"end":80.88,"text":" Anyway, it was there.","temperature":0,"avg_logprob":-0.1854575163398693,"compression_ratio":1.7699680511182108,"no_speech_prob":0.0031719207763671875,"words":[]},{"start":80.88,"end":82.60000000000001,"text":" So how is Burning Man though?","temperature":0,"avg_logprob":-0.1854575163398693,"compression_ratio":1.7699680511182108,"no_speech_prob":0.0031719207763671875,"words":[]},{"start":82.60000000000001,"end":85.2,"text":" Burning Man is probably one of the greatest.","temperature":0,"avg_logprob":-0.1854575163398693,"compression_ratio":1.7699680511182108,"no_speech_prob":0.0031719207763671875,"words":[]},{"start":85.2,"end":89.56,"text":" If you can survive being dirty and sleeping in a tent","temperature":0,"avg_logprob":-0.1854575163398693,"compression_ratio":1.7699680511182108,"no_speech_prob":0.0031719207763671875,"words":[]},{"start":89.56,"end":91.08,"text":" for an extended amount of period,","temperature":0,"avg_logprob":-0.1854575163398693,"compression_ratio":1.7699680511182108,"no_speech_prob":0.0031719207763671875,"words":[]},{"start":91.08,"end":93.24000000000001,"text":" Burning Man is like an incredible experience.","temperature":0,"avg_logprob":-0.1854575163398693,"compression_ratio":1.7699680511182108,"no_speech_prob":0.0031719207763671875,"words":[]},{"start":93.24000000000001,"end":94.80000000000001,"text":" Okay, this is you in the sandstorm.","temperature":0,"avg_logprob":-0.1854575163398693,"compression_ratio":1.7699680511182108,"no_speech_prob":0.0031719207763671875,"words":[]},{"start":94.80000000000001,"end":97.52000000000001,"text":" I was seeing all these images of like sand happening","temperature":0,"avg_logprob":-0.1854575163398693,"compression_ratio":1.7699680511182108,"no_speech_prob":0.0031719207763671875,"words":[]},{"start":97.52000000000001,"end":99.36,"text":" and it was the sandiest Burning Man ever.","temperature":0,"avg_logprob":-0.1854575163398693,"compression_ratio":1.7699680511182108,"no_speech_prob":0.0031719207763671875,"words":[]},{"start":99.36,"end":100.84,"text":" I was like, oh, David's in for it.","temperature":0,"avg_logprob":-0.1854575163398693,"compression_ratio":1.7699680511182108,"no_speech_prob":0.0031719207763671875,"words":[]},{"start":100.84,"end":102.84,"text":" I talked to like Burning Man people who had gone","temperature":0,"avg_logprob":-0.1854575163398693,"compression_ratio":1.7699680511182108,"no_speech_prob":0.0031719207763671875,"words":[]},{"start":102.84,"end":104.16,"text":" for like 20 times.","temperature":0,"avg_logprob":-0.1854575163398693,"compression_ratio":1.7699680511182108,"no_speech_prob":0.0031719207763671875,"words":[]},{"start":104.16,"end":106.24,"text":" And people said that it was this storm","temperature":0,"avg_logprob":-0.17223627167630057,"compression_ratio":1.8295081967213114,"no_speech_prob":0.0010166168212890625,"words":[]},{"start":106.24,"end":109.8,"text":" that came in and wrecked the burn in the first day.","temperature":0,"avg_logprob":-0.17223627167630057,"compression_ratio":1.8295081967213114,"no_speech_prob":0.0010166168212890625,"words":[]},{"start":109.8,"end":111.64,"text":" Was the biggest storm that they had ever seen.","temperature":0,"avg_logprob":-0.17223627167630057,"compression_ratio":1.8295081967213114,"no_speech_prob":0.0010166168212890625,"words":[]},{"start":111.64,"end":114.36,"text":" And it was like 60 mile an hour when I was holding on","temperature":0,"avg_logprob":-0.17223627167630057,"compression_ratio":1.8295081967213114,"no_speech_prob":0.0010166168212890625,"words":[]},{"start":114.36,"end":116.03999999999999,"text":" to what we call tent city.","temperature":0,"avg_logprob":-0.17223627167630057,"compression_ratio":1.8295081967213114,"no_speech_prob":0.0010166168212890625,"words":[]},{"start":116.03999999999999,"end":119.6,"text":" And it's like just like piping that holds up tarps","temperature":0,"avg_logprob":-0.17223627167630057,"compression_ratio":1.8295081967213114,"no_speech_prob":0.0010166168212890625,"words":[]},{"start":119.6,"end":120.56,"text":" that gives you some shade.","temperature":0,"avg_logprob":-0.17223627167630057,"compression_ratio":1.8295081967213114,"no_speech_prob":0.0010166168212890625,"words":[]},{"start":120.56,"end":122.4,"text":" So you're not burning up in the sun.","temperature":0,"avg_logprob":-0.17223627167630057,"compression_ratio":1.8295081967213114,"no_speech_prob":0.0010166168212890625,"words":[]},{"start":122.4,"end":124.4,"text":" And so the tarps are just massive sails.","temperature":0,"avg_logprob":-0.17223627167630057,"compression_ratio":1.8295081967213114,"no_speech_prob":0.0010166168212890625,"words":[]},{"start":124.4,"end":125.72,"text":" And I was holding on to this piping","temperature":0,"avg_logprob":-0.17223627167630057,"compression_ratio":1.8295081967213114,"no_speech_prob":0.0010166168212890625,"words":[]},{"start":125.72,"end":126.72,"text":" to make sure it didn't blow away.","temperature":0,"avg_logprob":-0.17223627167630057,"compression_ratio":1.8295081967213114,"no_speech_prob":0.0010166168212890625,"words":[]},{"start":126.72,"end":129.48,"text":" And I got lifted up off of the ground.","temperature":0,"avg_logprob":-0.17223627167630057,"compression_ratio":1.8295081967213114,"no_speech_prob":0.0010166168212890625,"words":[]},{"start":129.48,"end":130.32,"text":" Yeah.","temperature":0,"avg_logprob":-0.17223627167630057,"compression_ratio":1.8295081967213114,"no_speech_prob":0.0010166168212890625,"words":[]},{"start":130.32,"end":131.64,"text":" That's kind of fun.","temperature":0,"avg_logprob":-0.17223627167630057,"compression_ratio":1.8295081967213114,"no_speech_prob":0.0010166168212890625,"words":[]},{"start":131.64,"end":132.48,"text":" Yeah.","temperature":0,"avg_logprob":-0.17223627167630057,"compression_ratio":1.8295081967213114,"no_speech_prob":0.0010166168212890625,"words":[]},{"start":132.48,"end":133.32,"text":" Was it kind of fun to be in the sandstorm?","temperature":0,"avg_logprob":-0.17223627167630057,"compression_ratio":1.8295081967213114,"no_speech_prob":0.0010166168212890625,"words":[]},{"start":133.6,"end":135.44,"text":" No, it was a top three crisis moment.","temperature":0,"avg_logprob":-0.19428571428571428,"compression_ratio":1.9305135951661632,"no_speech_prob":0.004329681396484375,"words":[]},{"start":135.44,"end":137.32,"text":" And where like the tarps started ripping","temperature":0,"avg_logprob":-0.19428571428571428,"compression_ratio":1.9305135951661632,"no_speech_prob":0.004329681396484375,"words":[]},{"start":137.32,"end":139.04,"text":" and we all had to strike a tent city.","temperature":0,"avg_logprob":-0.19428571428571428,"compression_ratio":1.9305135951661632,"no_speech_prob":0.004329681396484375,"words":[]},{"start":139.04,"end":140.88,"text":" So that means we used to take everything down.","temperature":0,"avg_logprob":-0.19428571428571428,"compression_ratio":1.9305135951661632,"no_speech_prob":0.004329681396484375,"words":[]},{"start":140.88,"end":142.76,"text":" And so we built all day and then we had to take it down","temperature":0,"avg_logprob":-0.19428571428571428,"compression_ratio":1.9305135951661632,"no_speech_prob":0.004329681396484375,"words":[]},{"start":142.76,"end":144.68,"text":" because of the storm and then we built again the next day.","temperature":0,"avg_logprob":-0.19428571428571428,"compression_ratio":1.9305135951661632,"no_speech_prob":0.004329681396484375,"words":[]},{"start":144.68,"end":146.51999999999998,"text":" And then there was another storm, not as bad,","temperature":0,"avg_logprob":-0.19428571428571428,"compression_ratio":1.9305135951661632,"no_speech_prob":0.004329681396484375,"words":[]},{"start":146.51999999999998,"end":148.56,"text":" but more rain and then it was muddy.","temperature":0,"avg_logprob":-0.19428571428571428,"compression_ratio":1.9305135951661632,"no_speech_prob":0.004329681396484375,"words":[]},{"start":148.56,"end":150.12,"text":" And then there was a third storm the next day.","temperature":0,"avg_logprob":-0.19428571428571428,"compression_ratio":1.9305135951661632,"no_speech_prob":0.004329681396484375,"words":[]},{"start":150.12,"end":152.84,"text":" So this Burning Man got off to a very rocky start","temperature":0,"avg_logprob":-0.19428571428571428,"compression_ratio":1.9305135951661632,"no_speech_prob":0.004329681396484375,"words":[]},{"start":152.84,"end":153.72,"text":" but it all came together.","temperature":0,"avg_logprob":-0.19428571428571428,"compression_ratio":1.9305135951661632,"no_speech_prob":0.004329681396484375,"words":[]},{"start":153.72,"end":154.56,"text":" It came together.","temperature":0,"avg_logprob":-0.19428571428571428,"compression_ratio":1.9305135951661632,"no_speech_prob":0.004329681396484375,"words":[]},{"start":154.56,"end":156.4,"text":" So tell me something you learned","temperature":0,"avg_logprob":-0.19428571428571428,"compression_ratio":1.9305135951661632,"no_speech_prob":0.004329681396484375,"words":[]},{"start":156.4,"end":159.28,"text":" and something you learned maybe about yourself.","temperature":0,"avg_logprob":-0.19428571428571428,"compression_ratio":1.9305135951661632,"no_speech_prob":0.004329681396484375,"words":[]},{"start":159.28,"end":162,"text":" It was definitely the most like hyper social I've been.","temperature":0,"avg_logprob":-0.19428571428571428,"compression_ratio":1.9305135951661632,"no_speech_prob":0.004329681396484375,"words":[]},{"start":162,"end":164.96,"text":" Yeah, usually I can spend time with people","temperature":0,"avg_logprob":-0.31832298136645965,"compression_ratio":1.6807817589576548,"no_speech_prob":0.0013666152954101562,"words":[]},{"start":164.96,"end":167.44,"text":" for like six hours at most.","temperature":0,"avg_logprob":-0.31832298136645965,"compression_ratio":1.6807817589576548,"no_speech_prob":0.0013666152954101562,"words":[]},{"start":167.44,"end":170.36,"text":" And then I need to like go be alone.","temperature":0,"avg_logprob":-0.31832298136645965,"compression_ratio":1.6807817589576548,"no_speech_prob":0.0013666152954101562,"words":[]},{"start":170.36,"end":171.56,"text":" I did 10 days.","temperature":0,"avg_logprob":-0.31832298136645965,"compression_ratio":1.6807817589576548,"no_speech_prob":0.0013666152954101562,"words":[]},{"start":171.56,"end":172.4,"text":" And it was fun.","temperature":0,"avg_logprob":-0.31832298136645965,"compression_ratio":1.6807817589576548,"no_speech_prob":0.0013666152954101562,"words":[]},{"start":172.4,"end":173.24,"text":" People don't know this about you.","temperature":0,"avg_logprob":-0.31832298136645965,"compression_ratio":1.6807817589576548,"no_speech_prob":0.0013666152954101562,"words":[]},{"start":173.24,"end":176.36,"text":" You're actually like more on the introvert type spectrum, right?","temperature":0,"avg_logprob":-0.31832298136645965,"compression_ratio":1.6807817589576548,"no_speech_prob":0.0013666152954101562,"words":[]},{"start":176.36,"end":177.36,"text":" Yeah, and people.","temperature":0,"avg_logprob":-0.31832298136645965,"compression_ratio":1.6807817589576548,"no_speech_prob":0.0013666152954101562,"words":[]},{"start":177.36,"end":178.84,"text":" So like, yeah, people meet me at a conference","temperature":0,"avg_logprob":-0.31832298136645965,"compression_ratio":1.6807817589576548,"no_speech_prob":0.0013666152954101562,"words":[]},{"start":178.84,"end":180.04,"text":" and they expect me to be all chatty.","temperature":0,"avg_logprob":-0.31832298136645965,"compression_ratio":1.6807817589576548,"no_speech_prob":0.0013666152954101562,"words":[]},{"start":180.04,"end":181.76,"text":" And I'm like, bro, I'm oversensitive.","temperature":0,"avg_logprob":-0.31832298136645965,"compression_ratio":1.6807817589576548,"no_speech_prob":0.0013666152954101562,"words":[]},{"start":181.76,"end":183.24,"text":" Oh, we're accumulated right now.","temperature":0,"avg_logprob":-0.31832298136645965,"compression_ratio":1.6807817589576548,"no_speech_prob":0.0013666152954101562,"words":[]},{"start":183.24,"end":186,"text":" But yeah, it was great.","temperature":0,"avg_logprob":-0.31832298136645965,"compression_ratio":1.6807817589576548,"no_speech_prob":0.0013666152954101562,"words":[]},{"start":186,"end":187.04,"text":" The camp was great.","temperature":0,"avg_logprob":-0.31832298136645965,"compression_ratio":1.6807817589576548,"no_speech_prob":0.0013666152954101562,"words":[]},{"start":187.04,"end":189.96,"text":" The cool thing about Burning Man is it's very like 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together.","temperature":0,"avg_logprob":-0.2333470394736842,"compression_ratio":1.8719723183391004,"no_speech_prob":0.015899658203125,"words":[]},{"start":198.72,"end":200.60000000000002,"text":" You are adventuring together.","temperature":0,"avg_logprob":-0.2333470394736842,"compression_ratio":1.8719723183391004,"no_speech_prob":0.015899658203125,"words":[]},{"start":200.60000000000002,"end":204.8,"text":" You are having to like do like make tough calls together.","temperature":0,"avg_logprob":-0.2333470394736842,"compression_ratio":1.8719723183391004,"no_speech_prob":0.015899658203125,"words":[]},{"start":204.8,"end":206.08,"text":" And it's like living in a tribe.","temperature":0,"avg_logprob":-0.2333470394736842,"compression_ratio":1.8719723183391004,"no_speech_prob":0.015899658203125,"words":[]},{"start":206.08,"end":208.44,"text":" You all have work to do because there's shifts.","temperature":0,"avg_logprob":-0.2333470394736842,"compression_ratio":1.8719723183391004,"no_speech_prob":0.015899658203125,"words":[]},{"start":208.44,"end":209.28,"text":" And you do that.","temperature":0,"avg_logprob":-0.2333470394736842,"compression_ratio":1.8719723183391004,"no_speech_prob":0.015899658203125,"words":[]},{"start":209.28,"end":213.08,"text":" And it's like the most like primal, ancestral,","temperature":0,"avg_logprob":-0.2333470394736842,"compression_ratio":1.8719723183391004,"no_speech_prob":0.015899658203125,"words":[]},{"start":213.08,"end":214.24,"text":" like experience that people have.","temperature":0,"avg_logprob":-0.2333470394736842,"compression_ratio":1.8719723183391004,"no_speech_prob":0.015899658203125,"words":[]},{"start":214.24,"end":215.44,"text":" It's kind of how we were meant to live, though.","temperature":0,"avg_logprob":-0.2333470394736842,"compression_ratio":1.8719723183391004,"no_speech_prob":0.015899658203125,"words":[]},{"start":215.44,"end":216.28,"text":" Exactly.","temperature":0,"avg_logprob":-0.2333470394736842,"compression_ratio":1.8719723183391004,"no_speech_prob":0.015899658203125,"words":[]},{"start":216.28,"end":218.96,"text":" It's kind of how humanity has done things forever,","temperature":0,"avg_logprob":-0.2333470394736842,"compression_ratio":1.8719723183391004,"no_speech_prob":0.015899658203125,"words":[]},{"start":218.96,"end":221.6,"text":" except for our last couple thousand years","temperature":0,"avg_logprob":-0.23455668604651161,"compression_ratio":1.7994186046511629,"no_speech_prob":0.0035381317138671875,"words":[]},{"start":221.6,"end":223.08,"text":" of the modern period, right?","temperature":0,"avg_logprob":-0.23455668604651161,"compression_ratio":1.7994186046511629,"no_speech_prob":0.0035381317138671875,"words":[]},{"start":223.08,"end":225.84,"text":" And this is why we feel so unnatural most of the time.","temperature":0,"avg_logprob":-0.23455668604651161,"compression_ratio":1.7994186046511629,"no_speech_prob":0.0035381317138671875,"words":[]},{"start":225.84,"end":227.44,"text":" And it's increasingly feeling unnatural","temperature":0,"avg_logprob":-0.23455668604651161,"compression_ratio":1.7994186046511629,"no_speech_prob":0.0035381317138671875,"words":[]},{"start":227.44,"end":230.56,"text":" with all of the digitization in our lives, right?","temperature":0,"avg_logprob":-0.23455668604651161,"compression_ratio":1.7994186046511629,"no_speech_prob":0.0035381317138671875,"words":[]},{"start":230.56,"end":233.24,"text":" And this is getting way back to how burning man,","temperature":0,"avg_logprob":-0.23455668604651161,"compression_ratio":1.7994186046511629,"no_speech_prob":0.0035381317138671875,"words":[]},{"start":233.24,"end":234.64000000000001,"text":" that burning man is the real world","temperature":0,"avg_logprob":-0.23455668604651161,"compression_ratio":1.7994186046511629,"no_speech_prob":0.0035381317138671875,"words":[]},{"start":234.64000000000001,"end":237.20000000000002,"text":" and the world that we're currently in is the default world.","temperature":0,"avg_logprob":-0.23455668604651161,"compression_ratio":1.7994186046511629,"no_speech_prob":0.0035381317138671875,"words":[]},{"start":237.20000000000002,"end":238.44,"text":" Yeah.","temperature":0,"avg_logprob":-0.23455668604651161,"compression_ratio":1.7994186046511629,"no_speech_prob":0.0035381317138671875,"words":[]},{"start":238.44,"end":239.28,"text":" But it was great.","temperature":0,"avg_logprob":-0.23455668604651161,"compression_ratio":1.7994186046511629,"no_speech_prob":0.0035381317138671875,"words":[]},{"start":239.28,"end":240.12,"text":" It's kind of cool.","temperature":0,"avg_logprob":-0.23455668604651161,"compression_ratio":1.7994186046511629,"no_speech_prob":0.0035381317138671875,"words":[]},{"start":240.12,"end":240.96,"text":" I encourage everyone to go.","temperature":0,"avg_logprob":-0.23455668604651161,"compression_ratio":1.7994186046511629,"no_speech_prob":0.0035381317138671875,"words":[]},{"start":240.96,"end":242.72,"text":" There's also like, there's a lot of big overlap","temperature":0,"avg_logprob":-0.23455668604651161,"compression_ratio":1.7994186046511629,"no_speech_prob":0.0035381317138671875,"words":[]},{"start":242.72,"end":244.84,"text":" band diagram between crypto and burning man.","temperature":0,"avg_logprob":-0.23455668604651161,"compression_ratio":1.7994186046511629,"no_speech_prob":0.0035381317138671875,"words":[]},{"start":244.84,"end":246.56,"text":" There's like a shared ethos there.","temperature":0,"avg_logprob":-0.23455668604651161,"compression_ratio":1.7994186046511629,"no_speech_prob":0.0035381317138671875,"words":[]},{"start":246.56,"end":248.76000000000002,"text":" I put that into an article of people ever want to read that.","temperature":0,"avg_logprob":-0.23455668604651161,"compression_ratio":1.7994186046511629,"no_speech_prob":0.0035381317138671875,"words":[]},{"start":248.76000000000002,"end":249.76000000000002,"text":" Let's put it in the show notes.","temperature":0,"avg_logprob":-0.21649484536082475,"compression_ratio":1.6852367688022285,"no_speech_prob":0.0030269622802734375,"words":[]},{"start":249.76000000000002,"end":250.76000000000002,"text":" Let's see that.","temperature":0,"avg_logprob":-0.21649484536082475,"compression_ratio":1.6852367688022285,"no_speech_prob":0.0030269622802734375,"words":[]},{"start":250.76000000000002,"end":253.04000000000002,"text":" Meanwhile, though, David, we got to get people up to speed","temperature":0,"avg_logprob":-0.21649484536082475,"compression_ratio":1.6852367688022285,"no_speech_prob":0.0030269622802734375,"words":[]},{"start":253.04000000000002,"end":255.04000000000002,"text":" on the week in crypto, including you,","temperature":0,"avg_logprob":-0.21649484536082475,"compression_ratio":1.6852367688022285,"no_speech_prob":0.0030269622802734375,"words":[]},{"start":255.04000000000002,"end":256.64000000000004,"text":" because I got back yesterday.","temperature":0,"avg_logprob":-0.21649484536082475,"compression_ratio":1.6852367688022285,"no_speech_prob":0.0030269622802734375,"words":[]},{"start":256.64000000000004,"end":259.24,"text":" So I have no idea what I'm doing reading out of news.","temperature":0,"avg_logprob":-0.21649484536082475,"compression_ratio":1.6852367688022285,"no_speech_prob":0.0030269622802734375,"words":[]},{"start":259.24,"end":260.36,"text":" Well, let me give you a few things.","temperature":0,"avg_logprob":-0.21649484536082475,"compression_ratio":1.6852367688022285,"no_speech_prob":0.0030269622802734375,"words":[]},{"start":260.36,"end":262.08000000000004,"text":" So first, we're going to talk about the mystery","temperature":0,"avg_logprob":-0.21649484536082475,"compression_ratio":1.6852367688022285,"no_speech_prob":0.0030269622802734375,"words":[]},{"start":262.08000000000004,"end":262.92,"text":" of the ETH treasuries.","temperature":0,"avg_logprob":-0.21649484536082475,"compression_ratio":1.6852367688022285,"no_speech_prob":0.0030269622802734375,"words":[]},{"start":262.92,"end":265.92,"text":" All right, David, they've been buying so much 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one?","temperature":0,"avg_logprob":-0.19148089171974522,"compression_ratio":1.6498516320474776,"no_speech_prob":0.0009398460388183594,"words":[]},{"start":323.71999999999997,"end":325.8,"text":" We've been talking about, I think, before you left tempo.","temperature":0,"avg_logprob":-0.19148089171974522,"compression_ratio":1.6498516320474776,"no_speech_prob":0.0009398460388183594,"words":[]},{"start":325.8,"end":327.15999999999997,"text":" Okay, we got some more details on that,","temperature":0,"avg_logprob":-0.19148089171974522,"compression_ratio":1.6498516320474776,"no_speech_prob":0.0009398460388183594,"words":[]},{"start":327.15999999999997,"end":328.68,"text":" including an announcement post.","temperature":0,"avg_logprob":-0.19148089171974522,"compression_ratio":1.6498516320474776,"no_speech_prob":0.0009398460388183594,"words":[]},{"start":328.68,"end":330.24,"text":" Also, this is really exciting.","temperature":0,"avg_logprob":-0.19148089171974522,"compression_ratio":1.6498516320474776,"no_speech_prob":0.0009398460388183594,"words":[]},{"start":330.24,"end":331.8,"text":" This kind of happened.","temperature":0,"avg_logprob":-0.19148089171974522,"compression_ratio":1.6498516320474776,"no_speech_prob":0.0009398460388183594,"words":[]},{"start":331.8,"end":335.36,"text":" We might soon be able to buy spot Bitcoin","temperature":0,"avg_logprob":-0.19148089171974522,"compression_ratio":1.6498516320474776,"no_speech_prob":0.0009398460388183594,"words":[]},{"start":335.36,"end":338.96000000000004,"text":" and spot ETH on the New York stock exchange.","temperature":0,"avg_logprob":-0.27881493506493504,"compression_ratio":1.677304964539007,"no_speech_prob":0.007457733154296875,"words":[]},{"start":338.96000000000004,"end":340,"text":" How does that work?","temperature":0,"avg_logprob":-0.27881493506493504,"compression_ratio":1.677304964539007,"no_speech_prob":0.007457733154296875,"words":[]},{"start":340,"end":341.96000000000004,"text":" I tell you, not the ETFs.","temperature":0,"avg_logprob":-0.27881493506493504,"compression_ratio":1.677304964539007,"no_speech_prob":0.007457733154296875,"words":[]},{"start":341.96000000000004,"end":342.8,"text":" Not the ETFs.","temperature":0,"avg_logprob":-0.27881493506493504,"compression_ratio":1.677304964539007,"no_speech_prob":0.007457733154296875,"words":[]},{"start":342.8,"end":343.64,"text":" This is something else.","temperature":0,"avg_logprob":-0.27881493506493504,"compression_ratio":1.677304964539007,"no_speech_prob":0.007457733154296875,"words":[]},{"start":343.64,"end":344.48,"text":" What an ETF was for?","temperature":0,"avg_logprob":-0.27881493506493504,"compression_ratio":1.677304964539007,"no_speech_prob":0.007457733154296875,"words":[]},{"start":344.48,"end":349.48,"text":" No, it is, but we might also get real spot Bitcoin spot ETFs.","temperature":0,"avg_logprob":-0.27881493506493504,"compression_ratio":1.677304964539007,"no_speech_prob":0.007457733154296875,"words":[]},{"start":350.08000000000004,"end":351.2,"text":" Not ETFs, excuse me.","temperature":0,"avg_logprob":-0.27881493506493504,"compression_ratio":1.677304964539007,"no_speech_prob":0.007457733154296875,"words":[]},{"start":351.2,"end":354.28000000000003,"text":" The actual asset itself on these exchanges,","temperature":0,"avg_logprob":-0.27881493506493504,"compression_ratio":1.677304964539007,"no_speech_prob":0.007457733154296875,"words":[]},{"start":354.28000000000003,"end":355.84000000000003,"text":" both the Nasak and New York stock exchange.","temperature":0,"avg_logprob":-0.27881493506493504,"compression_ratio":1.677304964539007,"no_speech_prob":0.007457733154296875,"words":[]},{"start":355.84000000000003,"end":356.68,"text":" So, okay.","temperature":0,"avg_logprob":-0.27881493506493504,"compression_ratio":1.677304964539007,"no_speech_prob":0.007457733154296875,"words":[]},{"start":356.68,"end":357.84000000000003,"text":" All that and more coming up.","temperature":0,"avg_logprob":-0.27881493506493504,"compression_ratio":1.677304964539007,"no_speech_prob":0.007457733154296875,"words":[]},{"start":357.84000000000003,"end":360.84000000000003,"text":" But first David, I know you are dying to tell us","temperature":0,"avg_logprob":-0.27881493506493504,"compression_ratio":1.677304964539007,"no_speech_prob":0.007457733154296875,"words":[]},{"start":360.84000000000003,"end":362.36,"text":" about sanctum.","temperature":0,"avg_logprob":-0.27881493506493504,"compression_ratio":1.677304964539007,"no_speech_prob":0.007457733154296875,"words":[]},{"start":362.36,"end":364.48,"text":" What is, our friends and sponsors over at 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it,","temperature":0,"avg_logprob":-0.175,"compression_ratio":1.6574803149606299,"no_speech_prob":0.01363372802734375,"words":[]},{"start":376.20000000000005,"end":378.24,"text":" you are being a mega idiot.","temperature":0,"avg_logprob":-0.175,"compression_ratio":1.6574803149606299,"no_speech_prob":0.01363372802734375,"words":[]},{"start":378.24,"end":380.48,"text":" Our friends and sponsors over at sanctum","temperature":0,"avg_logprob":-0.175,"compression_ratio":1.6574803149606299,"no_speech_prob":0.01363372802734375,"words":[]},{"start":380.48,"end":382.16,"text":" want to help with that.","temperature":0,"avg_logprob":-0.175,"compression_ratio":1.6574803149606299,"no_speech_prob":0.01363372802734375,"words":[]},{"start":382.16,"end":384.6,"text":" Sanctum is the fourth largest salon protocol,","temperature":0,"avg_logprob":-0.175,"compression_ratio":1.6574803149606299,"no_speech_prob":0.01363372802734375,"words":[]},{"start":384.6,"end":386.56,"text":" one of the leaders in Salana Staking.","temperature":0,"avg_logprob":-0.175,"compression_ratio":1.6574803149606299,"no_speech_prob":0.01363372802734375,"words":[]},{"start":386.56,"end":389.64000000000004,"text":" They give you the best performance on your stake soul.","temperature":0,"avg_logprob":-0.175,"compression_ratio":1.6574803149606299,"no_speech_prob":0.01363372802734375,"words":[]},{"start":389.64000000000004,"end":392.40000000000003,"text":" So the value of your soul does not inflate away.","temperature":0,"avg_logprob":-0.175,"compression_ratio":1.6574803149606299,"no_speech_prob":0.01363372802734375,"words":[]},{"start":392.40000000000003,"end":396.28000000000003,"text":" They have better historic yields than Gido soul and M soul.","temperature":0,"avg_logprob":-0.1736111111111111,"compression_ratio":1.6707692307692308,"no_speech_prob":0.0031719207763671875,"words":[]},{"start":396.28000000000003,"end":397.24,"text":" And in addition to all of that,","temperature":0,"avg_logprob":-0.1736111111111111,"compression_ratio":1.6707692307692308,"no_speech_prob":0.0031719207763671875,"words":[]},{"start":397.24,"end":398.76000000000005,"text":" they're also setting a new standard","temperature":0,"avg_logprob":-0.1736111111111111,"compression_ratio":1.6707692307692308,"no_speech_prob":0.0031719207763671875,"words":[]},{"start":398.76000000000005,"end":400.16,"text":" for transparency in the space.","temperature":0,"avg_logprob":-0.1736111111111111,"compression_ratio":1.6707692307692308,"no_speech_prob":0.0031719207763671875,"words":[]},{"start":400.16,"end":402.64000000000004,"text":" They are only one of two companies","temperature":0,"avg_logprob":-0.1736111111111111,"compression_ratio":1.6707692307692308,"no_speech_prob":0.0031719207763671875,"words":[]},{"start":402.64000000000004,"end":405.76000000000005,"text":" to score a perfect 4040 on the block works 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token.","temperature":0,"avg_logprob":-0.1736111111111111,"compression_ratio":1.6707692307692308,"no_speech_prob":0.0031719207763671875,"words":[]},{"start":413.92,"end":416.28000000000003,"text":" There's a report, banklist.cc slash sanctum,","temperature":0,"avg_logprob":-0.1736111111111111,"compression_ratio":1.6707692307692308,"no_speech_prob":0.0031719207763671875,"words":[]},{"start":416.28000000000003,"end":417.88000000000005,"text":" hyphen report, a comprehensive report","temperature":0,"avg_logprob":-0.1736111111111111,"compression_ratio":1.6707692307692308,"no_speech_prob":0.0031719207763671875,"words":[]},{"start":417.88000000000005,"end":419.16,"text":" that will give you a very clear picture","temperature":0,"avg_logprob":-0.1736111111111111,"compression_ratio":1.6707692307692308,"no_speech_prob":0.0031719207763671875,"words":[]},{"start":419.16,"end":421.40000000000003,"text":" about how exactly their business is doing.","temperature":0,"avg_logprob":-0.1736111111111111,"compression_ratio":1.6707692307692308,"no_speech_prob":0.0031719207763671875,"words":[]},{"start":421.40000000000003,"end":424.40000000000003,"text":" I appreciate the notion that we are getting clarity","temperature":0,"avg_logprob":-0.24051724137931035,"compression_ratio":1.7117437722419928,"no_speech_prob":0.0010166168212890625,"words":[]},{"start":424.40000000000003,"end":426.56000000000006,"text":" about the projects that have tokens in this space","temperature":0,"avg_logprob":-0.24051724137931035,"compression_ratio":1.7117437722419928,"no_speech_prob":0.0010166168212890625,"words":[]},{"start":426.56000000000006,"end":429.24,"text":" and getting a peak into the inner workings.","temperature":0,"avg_logprob":-0.24051724137931035,"compression_ratio":1.7117437722419928,"no_speech_prob":0.0010166168212890625,"words":[]},{"start":429.24,"end":431.76000000000005,"text":" There is a link in the show notes to see all of that","temperature":0,"avg_logprob":-0.24051724137931035,"compression_ratio":1.7117437722419928,"no_speech_prob":0.0010166168212890625,"words":[]},{"start":431.76000000000005,"end":433.64000000000004,"text":" and learn more about about sanctum.","temperature":0,"avg_logprob":-0.24051724137931035,"compression_ratio":1.7117437722419928,"no_speech_prob":0.0010166168212890625,"words":[]},{"start":433.64000000000004,"end":436.04,"text":" You got to stake your soul or you lose your soul, right David?","temperature":0,"avg_logprob":-0.24051724137931035,"compression_ratio":1.7117437722419928,"no_speech_prob":0.0010166168212890625,"words":[]},{"start":436.04,"end":437.04,"text":" I'm right about that.","temperature":0,"avg_logprob":-0.24051724137931035,"compression_ratio":1.7117437722419928,"no_speech_prob":0.0010166168212890625,"words":[]},{"start":437.04,"end":437.88000000000005,"text":" That's right.","temperature":0,"avg_logprob":-0.24051724137931035,"compression_ratio":1.7117437722419928,"no_speech_prob":0.0010166168212890625,"words":[]},{"start":437.88000000000005,"end":439.6,"text":" Don't want to lose your soul.","temperature":0,"avg_logprob":-0.24051724137931035,"compression_ratio":1.7117437722419928,"no_speech_prob":0.0010166168212890625,"words":[]},{"start":439.6,"end":441.44000000000005,"text":" Let's talk about prices on the week.","temperature":0,"avg_logprob":-0.24051724137931035,"compression_ratio":1.7117437722419928,"no_speech_prob":0.0010166168212890625,"words":[]},{"start":441.44000000000005,"end":442.96000000000004,"text":" We got Bitcoin.","temperature":0,"avg_logprob":-0.24051724137931035,"compression_ratio":1.7117437722419928,"no_speech_prob":0.0010166168212890625,"words":[]},{"start":442.96000000000004,"end":446.56000000000006,"text":" It is 109K, I believe.","temperature":0,"avg_logprob":-0.24051724137931035,"compression_ratio":1.7117437722419928,"no_speech_prob":0.0010166168212890625,"words":[]},{"start":446.56000000000006,"end":447.92,"text":" What's this on the week?","temperature":0,"avg_logprob":-0.24051724137931035,"compression_ratio":1.7117437722419928,"no_speech_prob":0.0010166168212890625,"words":[]},{"start":447.92,"end":449.12,"text":" We return price.","temperature":0,"avg_logprob":-0.24051724137931035,"compression_ratio":1.7117437722419928,"no_speech_prob":0.0010166168212890625,"words":[]},{"start":449.2,"end":453.68,"text":" Of recording, $109,400 down 3%.","temperature":0,"avg_logprob":-0.327880859375,"compression_ratio":1.637037037037037,"no_speech_prob":0.01132965087890625,"words":[]},{"start":453.68,"end":454.92,"text":" I think there's a big question going on.","temperature":0,"avg_logprob":-0.327880859375,"compression_ratio":1.637037037037037,"no_speech_prob":0.01132965087890625,"words":[]},{"start":454.92,"end":457.72,"text":" I come back to crypto Twitter Ryan","temperature":0,"avg_logprob":-0.327880859375,"compression_ratio":1.637037037037037,"no_speech_prob":0.01132965087890625,"words":[]},{"start":457.72,"end":459.08,"text":" and I see two things.","temperature":0,"avg_logprob":-0.327880859375,"compression_ratio":1.637037037037037,"no_speech_prob":0.01132965087890625,"words":[]},{"start":459.08,"end":461.16,"text":" I see tokenized Pokemon cards","temperature":0,"avg_logprob":-0.327880859375,"compression_ratio":1.637037037037037,"no_speech_prob":0.01132965087890625,"words":[]},{"start":461.16,"end":465.16,"text":" and I see the subject of seasonality for Bitcoin.","temperature":0,"avg_logprob":-0.327880859375,"compression_ratio":1.637037037037037,"no_speech_prob":0.01132965087890625,"words":[]},{"start":465.16,"end":468.36,"text":" September seasonality apparently is bad September bad.","temperature":0,"avg_logprob":-0.327880859375,"compression_ratio":1.637037037037037,"no_speech_prob":0.01132965087890625,"words":[]},{"start":468.36,"end":469.2,"text":" They always say that.","temperature":0,"avg_logprob":-0.327880859375,"compression_ratio":1.637037037037037,"no_speech_prob":0.01132965087890625,"words":[]},{"start":469.2,"end":471.6,"text":" They say it's like, down timber basically","temperature":0,"avg_logprob":-0.327880859375,"compression_ratio":1.637037037037037,"no_speech_prob":0.01132965087890625,"words":[]},{"start":471.6,"end":473.76,"text":" and then uptober is next like so.","temperature":0,"avg_logprob":-0.327880859375,"compression_ratio":1.637037037037037,"no_speech_prob":0.01132965087890625,"words":[]},{"start":473.76,"end":475.32,"text":" So October about October.","temperature":0,"avg_logprob":-0.327880859375,"compression_ratio":1.637037037037037,"no_speech_prob":0.01132965087890625,"words":[]},{"start":475.32,"end":476.16,"text":" October.","temperature":0,"avg_logprob":-0.327880859375,"compression_ratio":1.637037037037037,"no_speech_prob":0.01132965087890625,"words":[]},{"start":476.16,"end":478.24,"text":" So October, November, December have been up.","temperature":0,"avg_logprob":-0.327880859375,"compression_ratio":1.637037037037037,"no_speech_prob":0.01132965087890625,"words":[]},{"start":478.24,"end":482.2,"text":" Have been pretty good for crypto, especially during bull years.","temperature":0,"avg_logprob":-0.2036372950819672,"compression_ratio":1.5910652920962198,"no_speech_prob":0.007694244384765625,"words":[]},{"start":482.2,"end":484.72,"text":" But September's have always been bad for some reason.","temperature":0,"avg_logprob":-0.2036372950819672,"compression_ratio":1.5910652920962198,"no_speech_prob":0.007694244384765625,"words":[]},{"start":484.72,"end":485.56,"text":" Oh, allegedly.","temperature":0,"avg_logprob":-0.2036372950819672,"compression_ratio":1.5910652920962198,"no_speech_prob":0.007694244384765625,"words":[]},{"start":485.56,"end":487.92,"text":" So the average Bitcoin median September return","temperature":0,"avg_logprob":-0.2036372950819672,"compression_ratio":1.5910652920962198,"no_speech_prob":0.007694244384765625,"words":[]},{"start":487.92,"end":489.68,"text":" is negative 3.1%.","temperature":0,"avg_logprob":-0.2036372950819672,"compression_ratio":1.5910652920962198,"no_speech_prob":0.007694244384765625,"words":[]},{"start":489.68,"end":492.84000000000003,"text":" Ethereum is at negative 12.5%.","temperature":0,"avg_logprob":-0.2036372950819672,"compression_ratio":1.5910652920962198,"no_speech_prob":0.007694244384765625,"words":[]},{"start":492.84000000000003,"end":495.48,"text":" Ben Cohen has a couple tweets iterating sentiment.","temperature":0,"avg_logprob":-0.2036372950819672,"compression_ratio":1.5910652920962198,"no_speech_prob":0.007694244384765625,"words":[]},{"start":495.48,"end":496.40000000000003,"text":" That's pretty similar to this.","temperature":0,"avg_logprob":-0.2036372950819672,"compression_ratio":1.5910652920962198,"no_speech_prob":0.007694244384765625,"words":[]},{"start":496.40000000000003,"end":497.76,"text":" He says historically Bitcoin finds","temperature":0,"avg_logprob":-0.2036372950819672,"compression_ratio":1.5910652920962198,"no_speech_prob":0.007694244384765625,"words":[]},{"start":497.76,"end":500.24,"text":" a low in September of the post happening year","temperature":0,"avg_logprob":-0.2036372950819672,"compression_ratio":1.5910652920962198,"no_speech_prob":0.007694244384765625,"words":[]},{"start":500.24,"end":503.2,"text":" and then bounces off of it into the market cycle top","temperature":0,"avg_logprob":-0.2036372950819672,"compression_ratio":1.5910652920962198,"no_speech_prob":0.007694244384765625,"words":[]},{"start":503.2,"end":504.76,"text":" that occurs in Q4.","temperature":0,"avg_logprob":-0.2036372950819672,"compression_ratio":1.5910652920962198,"no_speech_prob":0.007694244384765625,"words":[]},{"start":504.76,"end":508.4,"text":" So Ben Cohen implying a market top in Q4","temperature":0,"avg_logprob":-0.23880597014925373,"compression_ratio":1.6567164179104477,"no_speech_prob":0.0018672943115234375,"words":[]},{"start":508.4,"end":509.64,"text":" and then he also has to tweet for ETH.","temperature":0,"avg_logprob":-0.23880597014925373,"compression_ratio":1.6567164179104477,"no_speech_prob":0.0018672943115234375,"words":[]},{"start":509.64,"end":513.76,"text":" He thinks ETH is going to drop to about $3,600.","temperature":0,"avg_logprob":-0.23880597014925373,"compression_ratio":1.6567164179104477,"no_speech_prob":0.0018672943115234375,"words":[]},{"start":513.76,"end":518.96,"text":" And then Ryan goes into price discovery afterwards","temperature":0,"avg_logprob":-0.23880597014925373,"compression_ratio":1.6567164179104477,"no_speech_prob":0.0018672943115234375,"words":[]},{"start":518.96,"end":520.92,"text":" going into October obviously.","temperature":0,"avg_logprob":-0.23880597014925373,"compression_ratio":1.6567164179104477,"no_speech_prob":0.0018672943115234375,"words":[]},{"start":520.92,"end":522.76,"text":" So if you're into the seasonality thing,","temperature":0,"avg_logprob":-0.23880597014925373,"compression_ratio":1.6567164179104477,"no_speech_prob":0.0018672943115234375,"words":[]},{"start":522.76,"end":525.08,"text":" this is kind of what Ben Cohen is pointing at.","temperature":0,"avg_logprob":-0.23880597014925373,"compression_ratio":1.6567164179104477,"no_speech_prob":0.0018672943115234375,"words":[]},{"start":525.08,"end":527.2,"text":" If you're not into the seasonality thing to it.","temperature":0,"avg_logprob":-0.23880597014925373,"compression_ratio":1.6567164179104477,"no_speech_prob":0.0018672943115234375,"words":[]},{"start":527.2,"end":528.04,"text":" I'm not into it.","temperature":0,"avg_logprob":-0.23880597014925373,"compression_ratio":1.6567164179104477,"no_speech_prob":0.0018672943115234375,"words":[]},{"start":528.04,"end":530.76,"text":" Well, I've got some tweets for you as well.","temperature":0,"avg_logprob":-0.23880597014925373,"compression_ratio":1.6567164179104477,"no_speech_prob":0.0018672943115234375,"words":[]},{"start":530.76,"end":532.92,"text":" So we have Van Spencer who tweets out.","temperature":0,"avg_logprob":-0.23880597014925373,"compression_ratio":1.6567164179104477,"no_speech_prob":0.0018672943115234375,"words":[]},{"start":532.92,"end":536.36,"text":" According to bears, there are only five calendar days","temperature":0,"avg_logprob":-0.3317158385093168,"compression_ratio":1.7414965986394557,"no_speech_prob":0.0142822265625,"words":[]},{"start":536.36,"end":538.8,"text":" per year that you should be long.","temperature":0,"avg_logprob":-0.3317158385093168,"compression_ratio":1.7414965986394557,"no_speech_prob":0.0142822265625,"words":[]},{"start":538.8,"end":540.1999999999999,"text":" Someone may go away.","temperature":0,"avg_logprob":-0.3317158385093168,"compression_ratio":1.7414965986394557,"no_speech_prob":0.0142822265625,"words":[]},{"start":540.1999999999999,"end":541.88,"text":" Summer is a terrible time to be long.","temperature":0,"avg_logprob":-0.3317158385093168,"compression_ratio":1.7414965986394557,"no_speech_prob":0.0142822265625,"words":[]},{"start":541.88,"end":542.8399999999999,"text":" September is bad.","temperature":0,"avg_logprob":-0.3317158385093168,"compression_ratio":1.7414965986394557,"no_speech_prob":0.0142822265625,"words":[]},{"start":542.8399999999999,"end":544.3199999999999,"text":" October is bad.","temperature":0,"avg_logprob":-0.3317158385093168,"compression_ratio":1.7414965986394557,"no_speech_prob":0.0142822265625,"words":[]},{"start":544.3199999999999,"end":545.4399999999999,"text":" blah, blah, blah, blah.","temperature":0,"avg_logprob":-0.3317158385093168,"compression_ratio":1.7414965986394557,"no_speech_prob":0.0142822265625,"words":[]},{"start":545.4399999999999,"end":547.68,"text":" Van's saying basically this whole seasonality thing","temperature":0,"avg_logprob":-0.3317158385093168,"compression_ratio":1.7414965986394557,"no_speech_prob":0.0142822265625,"words":[]},{"start":547.68,"end":550.12,"text":" is a farce just be long, which I think is,","temperature":0,"avg_logprob":-0.3317158385093168,"compression_ratio":1.7414965986394557,"no_speech_prob":0.0142822265625,"words":[]},{"start":550.12,"end":552.76,"text":" that's also, I think, Rancho and Adam sentiment as well.","temperature":0,"avg_logprob":-0.3317158385093168,"compression_ratio":1.7414965986394557,"no_speech_prob":0.0142822265625,"words":[]},{"start":552.76,"end":553.5999999999999,"text":" I agree.","temperature":0,"avg_logprob":-0.3317158385093168,"compression_ratio":1.7414965986394557,"no_speech_prob":0.0142822265625,"words":[]},{"start":553.5999999999999,"end":554.4399999999999,"text":" I agree.","temperature":0,"avg_logprob":-0.3317158385093168,"compression_ratio":1.7414965986394557,"no_speech_prob":0.0142822265625,"words":[]},{"start":554.4399999999999,"end":557.04,"text":" I mean, we're going to look at astrological signs.","temperature":0,"avg_logprob":-0.3317158385093168,"compression_ratio":1.7414965986394557,"no_speech_prob":0.0142822265625,"words":[]},{"start":557.04,"end":557.88,"text":" Like what?","temperature":0,"avg_logprob":-0.3317158385093168,"compression_ratio":1.7414965986394557,"no_speech_prob":0.0142822265625,"words":[]},{"start":557.88,"end":559.92,"text":" I mean, a lot of this feels like superstitious.","temperature":0,"avg_logprob":-0.3317158385093168,"compression_ratio":1.7414965986394557,"no_speech_prob":0.0142822265625,"words":[]},{"start":559.92,"end":562.76,"text":" And we're going to do that.","temperature":0,"avg_logprob":-0.3317158385093168,"compression_ratio":1.7414965986394557,"no_speech_prob":0.0142822265625,"words":[]},{"start":562.76,"end":564.76,"text":" All right, man, I just choose to ignore that.","temperature":0,"avg_logprob":-0.23903508771929824,"compression_ratio":1.6085526315789473,"no_speech_prob":0.00955963134765625,"words":[]},{"start":564.76,"end":566.6,"text":" I don't want to see 3600 teeth.","temperature":0,"avg_logprob":-0.23903508771929824,"compression_ratio":1.6085526315789473,"no_speech_prob":0.00955963134765625,"words":[]},{"start":566.6,"end":569.2,"text":" But if we have to go there first, then fine.","temperature":0,"avg_logprob":-0.23903508771929824,"compression_ratio":1.6085526315789473,"no_speech_prob":0.00955963134765625,"words":[]},{"start":569.2,"end":571.2,"text":" I'm still, I still remain bullish.","temperature":0,"avg_logprob":-0.23903508771929824,"compression_ratio":1.6085526315789473,"no_speech_prob":0.00955963134765625,"words":[]},{"start":571.2,"end":572.36,"text":" And speaking of that,","temperature":0,"avg_logprob":-0.23903508771929824,"compression_ratio":1.6085526315789473,"no_speech_prob":0.00955963134765625,"words":[]},{"start":572.36,"end":575.12,"text":" ETH price on the week, are we up or are we down?","temperature":0,"avg_logprob":-0.23903508771929824,"compression_ratio":1.6085526315789473,"no_speech_prob":0.00955963134765625,"words":[]},{"start":575.12,"end":579.2,"text":" $4,300 down to 4.5%.","temperature":0,"avg_logprob":-0.23903508771929824,"compression_ratio":1.6085526315789473,"no_speech_prob":0.00955963134765625,"words":[]},{"start":579.2,"end":581.96,"text":" But it's cool that you think that $4,300","temperature":0,"avg_logprob":-0.23903508771929824,"compression_ratio":1.6085526315789473,"no_speech_prob":0.00955963134765625,"words":[]},{"start":581.96,"end":584.12,"text":" and we're down, like almost 5% on the week.","temperature":0,"avg_logprob":-0.23903508771929824,"compression_ratio":1.6085526315789473,"no_speech_prob":0.00955963134765625,"words":[]},{"start":584.12,"end":585.6,"text":" Yeah, you know what, we were higher.","temperature":0,"avg_logprob":-0.23903508771929824,"compression_ratio":1.6085526315789473,"no_speech_prob":0.00955963134765625,"words":[]},{"start":585.6,"end":586.6,"text":" See, if it happens,","temperature":0,"avg_logprob":-0.23903508771929824,"compression_ratio":1.6085526315789473,"no_speech_prob":0.00955963134765625,"words":[]},{"start":586.6,"end":588.88,"text":" if the bull market happens too fast, David,","temperature":0,"avg_logprob":-0.23903508771929824,"compression_ratio":1.6085526315789473,"no_speech_prob":0.00955963134765625,"words":[]},{"start":588.88,"end":590.08,"text":" it's actually bearish.","temperature":0,"avg_logprob":-0.23903508771929824,"compression_ratio":1.6085526315789473,"no_speech_prob":0.00955963134765625,"words":[]},{"start":590.08,"end":590.92,"text":" I agree.","temperature":0,"avg_logprob":-0.23903508771929824,"compression_ratio":1.6085526315789473,"no_speech_prob":0.00955963134765625,"words":[]},{"start":590.92,"end":591.76,"text":" 100% agree with that.","temperature":0,"avg_logprob":-0.23903508771929824,"compression_ratio":1.6085526315789473,"no_speech_prob":0.00955963134765625,"words":[]},{"start":592.04,"end":593.3199999999999,"text":" It could end this year.","temperature":0,"avg_logprob":-0.2600806451612903,"compression_ratio":1.6158940397350994,"no_speech_prob":0.2119140625,"words":[]},{"start":593.3199999999999,"end":596.16,"text":" And I think now that we're getting some down-temper action,","temperature":0,"avg_logprob":-0.2600806451612903,"compression_ratio":1.6158940397350994,"no_speech_prob":0.2119140625,"words":[]},{"start":596.16,"end":597.92,"text":" maybe it goes a little further,","temperature":0,"avg_logprob":-0.2600806451612903,"compression_ratio":1.6158940397350994,"no_speech_prob":0.2119140625,"words":[]},{"start":597.92,"end":601.36,"text":" that's going to set us up for an elongated","temperature":0,"avg_logprob":-0.2600806451612903,"compression_ratio":1.6158940397350994,"no_speech_prob":0.2119140625,"words":[]},{"start":601.36,"end":604.8,"text":" and extended bull run into 2026.","temperature":0,"avg_logprob":-0.2600806451612903,"compression_ratio":1.6158940397350994,"no_speech_prob":0.2119140625,"words":[]},{"start":604.8,"end":607.4,"text":" That's what my astrological signs are telling me.","temperature":0,"avg_logprob":-0.2600806451612903,"compression_ratio":1.6158940397350994,"no_speech_prob":0.2119140625,"words":[]},{"start":607.4,"end":609.56,"text":" Right now, that's why I choose to be bullish.","temperature":0,"avg_logprob":-0.2600806451612903,"compression_ratio":1.6158940397350994,"no_speech_prob":0.2119140625,"words":[]},{"start":609.56,"end":611.3199999999999,"text":" The low and slow is good.","temperature":0,"avg_logprob":-0.2600806451612903,"compression_ratio":1.6158940397350994,"no_speech_prob":0.2119140625,"words":[]},{"start":611.3199999999999,"end":612.16,"text":" We like that.","temperature":0,"avg_logprob":-0.2600806451612903,"compression_ratio":1.6158940397350994,"no_speech_prob":0.2119140625,"words":[]},{"start":612.16,"end":613,"text":" Low and slow.","temperature":0,"avg_logprob":-0.2600806451612903,"compression_ratio":1.6158940397350994,"no_speech_prob":0.2119140625,"words":[]},{"start":613,"end":613.84,"text":" All right.","temperature":0,"avg_logprob":-0.2600806451612903,"compression_ratio":1.6158940397350994,"no_speech_prob":0.2119140625,"words":[]},{"start":613.84,"end":615.4399999999999,"text":" So yeah, we did cross in all time high, David,","temperature":0,"avg_logprob":-0.2600806451612903,"compression_ratio":1.6158940397350994,"no_speech_prob":0.2119140625,"words":[]},{"start":615.4399999999999,"end":616.4399999999999,"text":" when you were out, you know,","temperature":0,"avg_logprob":-0.2600806451612903,"compression_ratio":1.6158940397350994,"no_speech_prob":0.2119140625,"words":[]},{"start":616.4399999999999,"end":619.4,"text":" but I want to give you some more hope, you know, all right?","temperature":0,"avg_logprob":-0.2600806451612903,"compression_ratio":1.6158940397350994,"no_speech_prob":0.2119140625,"words":[]},{"start":619.4399999999999,"end":622.1999999999999,"text":" From our Lord and Savior,","temperature":0,"avg_logprob":-0.2661966463414634,"compression_ratio":1.585209003215434,"no_speech_prob":0.0182647705078125,"words":[]},{"start":622.1999999999999,"end":624.0799999999999,"text":" the man who came in","temperature":0,"avg_logprob":-0.2661966463414634,"compression_ratio":1.585209003215434,"no_speech_prob":0.0182647705078125,"words":[]},{"start":624.0799999999999,"end":626.36,"text":" and bought just incredible amounts of eat","temperature":0,"avg_logprob":-0.2661966463414634,"compression_ratio":1.585209003215434,"no_speech_prob":0.0182647705078125,"words":[]},{"start":626.36,"end":628.0799999999999,"text":" and we'll talk more about his eat buys.","temperature":0,"avg_logprob":-0.2661966463414634,"compression_ratio":1.585209003215434,"no_speech_prob":0.0182647705078125,"words":[]},{"start":628.0799999999999,"end":629.72,"text":" Sir Tom Lee.","temperature":0,"avg_logprob":-0.2661966463414634,"compression_ratio":1.585209003215434,"no_speech_prob":0.0182647705078125,"words":[]},{"start":629.72,"end":631.48,"text":" Okay, so this clip was going around.","temperature":0,"avg_logprob":-0.2661966463414634,"compression_ratio":1.585209003215434,"no_speech_prob":0.0182647705078125,"words":[]},{"start":631.48,"end":632.9599999999999,"text":" Yes, sir, we have to call it.","temperature":0,"avg_logprob":-0.2661966463414634,"compression_ratio":1.585209003215434,"no_speech_prob":0.0182647705078125,"words":[]},{"start":632.9599999999999,"end":633.8,"text":" He's amazing.","temperature":0,"avg_logprob":-0.2661966463414634,"compression_ratio":1.585209003215434,"no_speech_prob":0.0182647705078125,"words":[]},{"start":633.8,"end":635.76,"text":" Above the Ethereum, I mean.","temperature":0,"avg_logprob":-0.2661966463414634,"compression_ratio":1.585209003215434,"no_speech_prob":0.0182647705078125,"words":[]},{"start":635.76,"end":637.52,"text":" $5 billion, you get knighted.","temperature":0,"avg_logprob":-0.2661966463414634,"compression_ratio":1.585209003215434,"no_speech_prob":0.0182647705078125,"words":[]},{"start":637.52,"end":638.9599999999999,"text":" You get your certain title, okay?","temperature":0,"avg_logprob":-0.2661966463414634,"compression_ratio":1.585209003215434,"no_speech_prob":0.0182647705078125,"words":[]},{"start":638.9599999999999,"end":640.64,"text":" And he is definitely there.","temperature":0,"avg_logprob":-0.2661966463414634,"compression_ratio":1.585209003215434,"no_speech_prob":0.0182647705078125,"words":[]},{"start":640.64,"end":641.88,"text":" He's got some price targets.","temperature":0,"avg_logprob":-0.2661966463414634,"compression_ratio":1.585209003215434,"no_speech_prob":0.0182647705078125,"words":[]},{"start":641.88,"end":642.8,"text":" I'm going to play this clip.","temperature":0,"avg_logprob":-0.2661966463414634,"compression_ratio":1.585209003215434,"no_speech_prob":0.0182647705078125,"words":[]},{"start":642.8,"end":643.68,"text":" It's a long one.","temperature":0,"avg_logprob":-0.2661966463414634,"compression_ratio":1.585209003215434,"no_speech_prob":0.0182647705078125,"words":[]},{"start":643.68,"end":645.4,"text":" Okay, so you'll stay tuned.","temperature":0,"avg_logprob":-0.2661966463414634,"compression_ratio":1.585209003215434,"no_speech_prob":0.0182647705078125,"words":[]},{"start":645.4,"end":648,"text":" And it's in Tom Lee's, you know, he speaks very,","temperature":0,"avg_logprob":-0.2661966463414634,"compression_ratio":1.585209003215434,"no_speech_prob":0.0182647705078125,"words":[]},{"start":649.4,"end":651.92,"text":" like he doesn't put a lot of expression in his words.","temperature":0,"avg_logprob":-0.18983843537414966,"compression_ratio":1.6419354838709677,"no_speech_prob":0.0010652542114257812,"words":[]},{"start":651.92,"end":653.3199999999999,"text":" It's just very matter of the fact.","temperature":0,"avg_logprob":-0.18983843537414966,"compression_ratio":1.6419354838709677,"no_speech_prob":0.0010652542114257812,"words":[]},{"start":653.3199999999999,"end":655.68,"text":" But this is the bull case and some prices","temperature":0,"avg_logprob":-0.18983843537414966,"compression_ratio":1.6419354838709677,"no_speech_prob":0.0010652542114257812,"words":[]},{"start":655.68,"end":656.88,"text":" that he charts out for it.","temperature":0,"avg_logprob":-0.18983843537414966,"compression_ratio":1.6419354838709677,"no_speech_prob":0.0010652542114257812,"words":[]},{"start":656.88,"end":658.92,"text":" ETH, I'm going to play this and get your reaction.","temperature":0,"avg_logprob":-0.18983843537414966,"compression_ratio":1.6419354838709677,"no_speech_prob":0.0010652542114257812,"words":[]},{"start":658.92,"end":662.3199999999999,"text":" Well, here's Ethereum's price since 2018.","temperature":0,"avg_logprob":-0.18983843537414966,"compression_ratio":1.6419354838709677,"no_speech_prob":0.0010652542114257812,"words":[]},{"start":662.3199999999999,"end":665.16,"text":" And as you can see, there's two periods I'm shading here.","temperature":0,"avg_logprob":-0.18983843537414966,"compression_ratio":1.6419354838709677,"no_speech_prob":0.0010652542114257812,"words":[]},{"start":665.16,"end":666.64,"text":" These are called bases.","temperature":0,"avg_logprob":-0.18983843537414966,"compression_ratio":1.6419354838709677,"no_speech_prob":0.0010652542114257812,"words":[]},{"start":667.56,"end":669.6,"text":" And in White Coves methodologies,","temperature":0,"avg_logprob":-0.18983843537414966,"compression_ratio":1.6419354838709677,"no_speech_prob":0.0010652542114257812,"words":[]},{"start":669.6,"end":672.56,"text":" they say the bigger the base, the bigger the breakout.","temperature":0,"avg_logprob":-0.18983843537414966,"compression_ratio":1.6419354838709677,"no_speech_prob":0.0010652542114257812,"words":[]},{"start":672.56,"end":674.28,"text":" And what they mean by that is that you're creating","temperature":0,"avg_logprob":-0.18983843537414966,"compression_ratio":1.6419354838709677,"no_speech_prob":0.0010652542114257812,"words":[]},{"start":674.28,"end":677.4399999999999,"text":" a lot of potential energy as a stock","temperature":0,"avg_logprob":-0.18983843537414966,"compression_ratio":1.6419354838709677,"no_speech_prob":0.0010652542114257812,"words":[]},{"start":677.9200000000001,"end":680.4000000000001,"text":" or a now-granted basis.","temperature":0,"avg_logprob":-0.25,"compression_ratio":1.4838709677419355,"no_speech_prob":0.008056640625,"words":[]},{"start":680.4000000000001,"end":682.24,"text":" And then eventually leads to a breakout.","temperature":0,"avg_logprob":-0.25,"compression_ratio":1.4838709677419355,"no_speech_prob":0.008056640625,"words":[]},{"start":683.2,"end":684.6800000000001,"text":" Well, let's look at that breakout.","temperature":0,"avg_logprob":-0.25,"compression_ratio":1.4838709677419355,"no_speech_prob":0.008056640625,"words":[]},{"start":685.72,"end":688.6400000000001,"text":" In 2020, that breakout took place.","temperature":0,"avg_logprob":-0.25,"compression_ratio":1.4838709677419355,"no_speech_prob":0.008056640625,"words":[]},{"start":688.6400000000001,"end":693.6400000000001,"text":" And Ethereum went from $90 to $4866 or 54 times increase.","temperature":0,"avg_logprob":-0.25,"compression_ratio":1.4838709677419355,"no_speech_prob":0.008056640625,"words":[]},{"start":695.0400000000001,"end":698.6800000000001,"text":" Well, the low point here in this base was 1385.","temperature":0,"avg_logprob":-0.25,"compression_ratio":1.4838709677419355,"no_speech_prob":0.008056640625,"words":[]},{"start":698.6800000000001,"end":703,"text":" So with this breakout, we're expecting an upside move.","temperature":0,"avg_logprob":-0.25,"compression_ratio":1.4838709677419355,"no_speech_prob":0.008056640625,"words":[]},{"start":703,"end":704.8000000000001,"text":" Is it potentially 54x?","temperature":0,"avg_logprob":-0.25,"compression_ratio":1.4838709677419355,"no_speech_prob":0.008056640625,"words":[]},{"start":704.8000000000001,"end":706.9200000000001,"text":" I'm not sure, but that's what happened last time.","temperature":0,"avg_logprob":-0.25,"compression_ratio":1.4838709677419355,"no_speech_prob":0.008056640625,"words":[]},{"start":708.2800000000001,"end":709.96,"text":" Another way to think about Ethereum","temperature":0,"avg_logprob":-0.23114809782608695,"compression_ratio":1.5520833333333333,"no_speech_prob":0.00130462646484375,"words":[]},{"start":709.96,"end":712.6400000000001,"text":" is the Ethereum to Bitcoin ratio.","temperature":0,"avg_logprob":-0.23114809782608695,"compression_ratio":1.5520833333333333,"no_speech_prob":0.00130462646484375,"words":[]},{"start":712.6400000000001,"end":715.36,"text":" And in our view, the tailwinds I'm talking about","temperature":0,"avg_logprob":-0.23114809782608695,"compression_ratio":1.5520833333333333,"no_speech_prob":0.00130462646484375,"words":[]},{"start":715.36,"end":717.8000000000001,"text":" argue for an all-time high in this ratio.","temperature":0,"avg_logprob":-0.23114809782608695,"compression_ratio":1.5520833333333333,"no_speech_prob":0.00130462646484375,"words":[]},{"start":719.1600000000001,"end":721.72,"text":" The eight-year average, the Ethereum to Bitcoin ratio,","temperature":0,"avg_logprob":-0.23114809782608695,"compression_ratio":1.5520833333333333,"no_speech_prob":0.00130462646484375,"words":[]},{"start":721.72,"end":726.72,"text":" is 0.04790, and it's currently 0.04032,","temperature":0,"avg_logprob":-0.23114809782608695,"compression_ratio":1.5520833333333333,"no_speech_prob":0.00130462646484375,"words":[]},{"start":730.24,"end":733.2,"text":" meaning we're below the long-term average.","temperature":0,"avg_logprob":-0.23114809782608695,"compression_ratio":1.5520833333333333,"no_speech_prob":0.00130462646484375,"words":[]},{"start":733.2,"end":737.4000000000001,"text":" The all-time high in this ratio was 0.080727.","temperature":0,"avg_logprob":-0.12379807692307693,"compression_ratio":1.641732283464567,"no_speech_prob":0.00008350610733032227,"words":[]},{"start":737.4000000000001,"end":738.5600000000001,"text":" Of course, it started off higher,","temperature":0,"avg_logprob":-0.12379807692307693,"compression_ratio":1.641732283464567,"no_speech_prob":0.00008350610733032227,"words":[]},{"start":738.5600000000001,"end":742.0400000000001,"text":" but I'm talking about the 2021 all-time high.","temperature":0,"avg_logprob":-0.12379807692307693,"compression_ratio":1.641732283464567,"no_speech_prob":0.00008350610733032227,"words":[]},{"start":742.96,"end":745.96,"text":" So we think that not only should Ethereum recover","temperature":0,"avg_logprob":-0.12379807692307693,"compression_ratio":1.641732283464567,"no_speech_prob":0.00008350610733032227,"words":[]},{"start":745.96,"end":747.0400000000001,"text":" to the long-term average,","temperature":0,"avg_logprob":-0.12379807692307693,"compression_ratio":1.641732283464567,"no_speech_prob":0.00008350610733032227,"words":[]},{"start":747.0400000000001,"end":750.36,"text":" it should probably get to the all-time high ratio","temperature":0,"avg_logprob":-0.12379807692307693,"compression_ratio":1.641732283464567,"no_speech_prob":0.00008350610733032227,"words":[]},{"start":750.36,"end":752.8000000000001,"text":" and arguably exceed it as we start talking about","temperature":0,"avg_logprob":-0.12379807692307693,"compression_ratio":1.641732283464567,"no_speech_prob":0.00008350610733032227,"words":[]},{"start":752.8000000000001,"end":756.2,"text":" Ethereum acting as the chain for both Wall Street","temperature":0,"avg_logprob":-0.12379807692307693,"compression_ratio":1.641732283464567,"no_speech_prob":0.00008350610733032227,"words":[]},{"start":756.2,"end":758.6800000000001,"text":" to build its payment rails and the financial system","temperature":0,"avg_logprob":-0.12379807692307693,"compression_ratio":1.641732283464567,"no_speech_prob":0.00008350610733032227,"words":[]},{"start":758.6800000000001,"end":759.8000000000001,"text":" as well as AI.","temperature":0,"avg_logprob":-0.12379807692307693,"compression_ratio":1.641732283464567,"no_speech_prob":0.00008350610733032227,"words":[]},{"start":760.8000000000001,"end":763.1600000000001,"text":" So let's think about what that means for price.","temperature":0,"avg_logprob":-0.21996753246753248,"compression_ratio":1.4293478260869565,"no_speech_prob":0.0028438568115234375,"words":[]},{"start":764.32,"end":765.8000000000001,"text":" So I have a grid here.","temperature":0,"avg_logprob":-0.21996753246753248,"compression_ratio":1.4293478260869565,"no_speech_prob":0.0028438568115234375,"words":[]},{"start":767.0400000000001,"end":771.08,"text":" On the left side is Bitcoin price levels,","temperature":0,"avg_logprob":-0.21996753246753248,"compression_ratio":1.4293478260869565,"no_speech_prob":0.0028438568115234375,"words":[]},{"start":771.08,"end":775.0400000000001,"text":" and then going across our various levels","temperature":0,"avg_logprob":-0.21996753246753248,"compression_ratio":1.4293478260869565,"no_speech_prob":0.0028438568115234375,"words":[]},{"start":775.0400000000001,"end":777.32,"text":" of the Ethereum to Bitcoin ratio.","temperature":0,"avg_logprob":-0.21996753246753248,"compression_ratio":1.4293478260869565,"no_speech_prob":0.0028438568115234375,"words":[]},{"start":778.96,"end":780.1200000000001,"text":" Are you on target?","temperature":0,"avg_logprob":-0.21996753246753248,"compression_ratio":1.4293478260869565,"no_speech_prob":0.0028438568115234375,"words":[]},{"start":780.1200000000001,"end":785.1200000000001,"text":" This is from the fun strat side for Bitcoin is $250,000.","temperature":0,"avg_logprob":-0.21996753246753248,"compression_ratio":1.4293478260869565,"no_speech_prob":0.0028438568115234375,"words":[]},{"start":785.96,"end":790.96,"text":" And if you look at the A-year average,","temperature":0,"avg_logprob":-0.25827205882352944,"compression_ratio":1.5271739130434783,"no_speech_prob":0.01471710205078125,"words":[]},{"start":791.84,"end":795.8,"text":" then you can see the range of prices for Ethereum","temperature":0,"avg_logprob":-0.25827205882352944,"compression_ratio":1.5271739130434783,"no_speech_prob":0.01471710205078125,"words":[]},{"start":795.8,"end":799.6,"text":" using this ratio and different levels of Bitcoin.","temperature":0,"avg_logprob":-0.25827205882352944,"compression_ratio":1.5271739130434783,"no_speech_prob":0.01471710205078125,"words":[]},{"start":800.64,"end":802.92,"text":" And here's the 2021 hot.","temperature":0,"avg_logprob":-0.25827205882352944,"compression_ratio":1.5271739130434783,"no_speech_prob":0.01471710205078125,"words":[]},{"start":802.92,"end":807.6,"text":" And as you can see, at a $250,000 Bitcoin,","temperature":0,"avg_logprob":-0.25827205882352944,"compression_ratio":1.5271739130434783,"no_speech_prob":0.01471710205078125,"words":[]},{"start":807.6,"end":812.6,"text":" you get to somewhere between $12,000 and $22,000 value","temperature":0,"avg_logprob":-0.25827205882352944,"compression_ratio":1.5271739130434783,"no_speech_prob":0.01471710205078125,"words":[]},{"start":812.72,"end":814.48,"text":" per Ethereum token.","temperature":0,"avg_logprob":-0.25827205882352944,"compression_ratio":1.5271739130434783,"no_speech_prob":0.01471710205078125,"words":[]},{"start":815.96,"end":820.28,"text":" But that's just a ratio recovery.","temperature":0,"avg_logprob":-0.19109513274336284,"compression_ratio":1.592920353982301,"no_speech_prob":0.00359344482421875,"words":[]},{"start":820.28,"end":823.16,"text":" If you look at the replacement cost of payment rails","temperature":0,"avg_logprob":-0.19109513274336284,"compression_ratio":1.592920353982301,"no_speech_prob":0.00359344482421875,"words":[]},{"start":823.16,"end":825.4,"text":" and the banking system,","temperature":0,"avg_logprob":-0.19109513274336284,"compression_ratio":1.592920353982301,"no_speech_prob":0.00359344482421875,"words":[]},{"start":825.4,"end":826.96,"text":" that gets you to an implied value","temperature":0,"avg_logprob":-0.19109513274336284,"compression_ratio":1.592920353982301,"no_speech_prob":0.00359344482421875,"words":[]},{"start":826.96,"end":829.76,"text":" of Ethereum of around $60,000.","temperature":0,"avg_logprob":-0.19109513274336284,"compression_ratio":1.592920353982301,"no_speech_prob":0.00359344482421875,"words":[]},{"start":829.76,"end":834.76,"text":" And that puts the ratio at roughly 0.2500,","temperature":0,"avg_logprob":-0.19109513274336284,"compression_ratio":1.592920353982301,"no_speech_prob":0.00359344482421875,"words":[]},{"start":835.6,"end":837.48,"text":" Ethereum to Bitcoin ratio.","temperature":0,"avg_logprob":-0.19109513274336284,"compression_ratio":1.592920353982301,"no_speech_prob":0.00359344482421875,"words":[]},{"start":837.48,"end":840.76,"text":" And as you can see, that's how you get to $62,000","temperature":0,"avg_logprob":-0.19109513274336284,"compression_ratio":1.592920353982301,"no_speech_prob":0.00359344482421875,"words":[]},{"start":840.76,"end":842.16,"text":" per Ethereum token.","temperature":0,"avg_logprob":-0.19109513274336284,"compression_ratio":1.592920353982301,"no_speech_prob":0.00359344482421875,"words":[]},{"start":842.16,"end":843.12,"text":" There you go.","temperature":0,"avg_logprob":-0.19109513274336284,"compression_ratio":1.592920353982301,"no_speech_prob":0.00359344482421875,"words":[]},{"start":843.12,"end":844.32,"text":" That's a simple as that, dude.","temperature":0,"avg_logprob":-0.19109513274336284,"compression_ratio":1.592920353982301,"no_speech_prob":0.00359344482421875,"words":[]},{"start":844.32,"end":847.7600000000001,"text":" That's how you get to $62,000 per E-token.","temperature":0,"avg_logprob":-0.16892688679245282,"compression_ratio":1.6923076923076923,"no_speech_prob":0.005908966064453125,"words":[]},{"start":847.7600000000001,"end":848.72,"text":" All right, I should say.","temperature":0,"avg_logprob":-0.16892688679245282,"compression_ratio":1.6923076923076923,"no_speech_prob":0.005908966064453125,"words":[]},{"start":848.72,"end":850.24,"text":" I mean, a lot of people are quoting,","temperature":0,"avg_logprob":-0.16892688679245282,"compression_ratio":1.6923076923076923,"no_speech_prob":0.005908966064453125,"words":[]},{"start":850.24,"end":851.96,"text":" that's the top side of his range.","temperature":0,"avg_logprob":-0.16892688679245282,"compression_ratio":1.6923076923076923,"no_speech_prob":0.005908966064453125,"words":[]},{"start":851.96,"end":853.7600000000001,"text":" He's not calling for that necessarily.","temperature":0,"avg_logprob":-0.16892688679245282,"compression_ratio":1.6923076923076923,"no_speech_prob":0.005908966064453125,"words":[]},{"start":853.7600000000001,"end":855.24,"text":" He's saying right here,","temperature":0,"avg_logprob":-0.16892688679245282,"compression_ratio":1.6923076923076923,"no_speech_prob":0.005908966064453125,"words":[]},{"start":855.24,"end":857.6800000000001,"text":" the range if you just take the Bitcoin ratio","temperature":0,"avg_logprob":-0.16892688679245282,"compression_ratio":1.6923076923076923,"no_speech_prob":0.005908966064453125,"words":[]},{"start":857.6800000000001,"end":859.2800000000001,"text":" and we get back to average","temperature":0,"avg_logprob":-0.16892688679245282,"compression_ratio":1.6923076923076923,"no_speech_prob":0.005908966064453125,"words":[]},{"start":859.2800000000001,"end":861.96,"text":" and Bitcoin goes to $250,000.","temperature":0,"avg_logprob":-0.16892688679245282,"compression_ratio":1.6923076923076923,"no_speech_prob":0.005908966064453125,"words":[]},{"start":861.96,"end":865.5600000000001,"text":" We get $12,000 if we get our 2021 high","temperature":0,"avg_logprob":-0.16892688679245282,"compression_ratio":1.6923076923076923,"no_speech_prob":0.005908966064453125,"words":[]},{"start":865.5600000000001,"end":869.1600000000001,"text":" in the E-tcoin ratio, we get $22,000.","temperature":0,"avg_logprob":-0.16892688679245282,"compression_ratio":1.6923076923076923,"no_speech_prob":0.005908966064453125,"words":[]},{"start":869.1600000000001,"end":871.9200000000001,"text":" So his range there is $12,000 to $22,000.","temperature":0,"avg_logprob":-0.16892688679245282,"compression_ratio":1.6923076923076923,"no_speech_prob":0.005908966064453125,"words":[]},{"start":871.9200000000001,"end":873.2,"text":" Not necessarily by the end of the year,","temperature":0,"avg_logprob":-0.16892688679245282,"compression_ratio":1.6923076923076923,"no_speech_prob":0.005908966064453125,"words":[]},{"start":873.2,"end":874.5600000000001,"text":" but I don't know, maybe.","temperature":0,"avg_logprob":-0.3704710144927536,"compression_ratio":1.5823293172690762,"no_speech_prob":0.0025501251220703125,"words":[]},{"start":874.5600000000001,"end":877.9200000000001,"text":" And then his projected Bitcoin end of your price","temperature":0,"avg_logprob":-0.3704710144927536,"compression_ratio":1.5823293172690762,"no_speech_prob":0.0025501251220703125,"words":[]},{"start":877.9200000000001,"end":879.1600000000001,"text":" is $250,000.","temperature":0,"avg_logprob":-0.3704710144927536,"compression_ratio":1.5823293172690762,"no_speech_prob":0.0025501251220703125,"words":[]},{"start":879.1600000000001,"end":880.36,"text":" So he's saying end of the year.","temperature":0,"avg_logprob":-0.3704710144927536,"compression_ratio":1.5823293172690762,"no_speech_prob":0.0025501251220703125,"words":[]},{"start":880.36,"end":881.72,"text":" He didn't explicitly say,","temperature":0,"avg_logprob":-0.3704710144927536,"compression_ratio":1.5823293172690762,"no_speech_prob":0.0025501251220703125,"words":[]},{"start":881.72,"end":884.76,"text":" therefore my expected E-t ratio end of your price,","temperature":0,"avg_logprob":-0.3704710144927536,"compression_ratio":1.5823293172690762,"no_speech_prob":0.0025501251220703125,"words":[]},{"start":884.76,"end":886.36,"text":" he didn't continue that.","temperature":0,"avg_logprob":-0.3704710144927536,"compression_ratio":1.5823293172690762,"no_speech_prob":0.0025501251220703125,"words":[]},{"start":886.36,"end":889.4000000000001,"text":" But it's kind of follow that he does say that.","temperature":0,"avg_logprob":-0.3704710144927536,"compression_ratio":1.5823293172690762,"no_speech_prob":0.0025501251220703125,"words":[]},{"start":889.4000000000001,"end":889.9200000000001,"text":" Yes.","temperature":0,"avg_logprob":-0.3704710144927536,"compression_ratio":1.5823293172690762,"no_speech_prob":0.0025501251220703125,"words":[]},{"start":889.9200000000001,"end":890.76,"text":" And then he goes,","temperature":0,"avg_logprob":-0.3704710144927536,"compression_ratio":1.5823293172690762,"no_speech_prob":0.0025501251220703125,"words":[]},{"start":890.76,"end":891.6,"text":" but up, bubba.","temperature":0,"avg_logprob":-0.3704710144927536,"compression_ratio":1.5823293172690762,"no_speech_prob":0.0025501251220703125,"words":[]},{"start":891.6,"end":892.44,"text":" 62K.","temperature":0,"avg_logprob":-0.3704710144927536,"compression_ratio":1.5823293172690762,"no_speech_prob":0.0025501251220703125,"words":[]},{"start":894.44,"end":895.44,"text":" Which, okay.","temperature":0,"avg_logprob":-0.3704710144927536,"compression_ratio":1.5823293172690762,"no_speech_prob":0.0025501251220703125,"words":[]},{"start":895.44,"end":897.2,"text":" You know, he's doing two things.","temperature":0,"avg_logprob":-0.3704710144927536,"compression_ratio":1.5823293172690762,"no_speech_prob":0.0025501251220703125,"words":[]},{"start":897.2,"end":899.12,"text":" He's combining TA and doing the whole","temperature":0,"avg_logprob":-0.3704710144927536,"compression_ratio":1.5823293172690762,"no_speech_prob":0.0025501251220703125,"words":[]},{"start":899.12,"end":901.68,"text":" Wycoff base thing.","temperature":0,"avg_logprob":-0.26625844594594594,"compression_ratio":1.5884244372990353,"no_speech_prob":0.038421630859375,"words":[]},{"start":901.68,"end":902.52,"text":" Yeah.","temperature":0,"avg_logprob":-0.26625844594594594,"compression_ratio":1.5884244372990353,"no_speech_prob":0.038421630859375,"words":[]},{"start":902.52,"end":904,"text":" And then he's also making an opinion stance.","temperature":0,"avg_logprob":-0.26625844594594594,"compression_ratio":1.5884244372990353,"no_speech_prob":0.038421630859375,"words":[]},{"start":904,"end":905.24,"text":" And then he about like,","temperature":0,"avg_logprob":-0.26625844594594594,"compression_ratio":1.5884244372990353,"no_speech_prob":0.038421630859375,"words":[]},{"start":905.24,"end":909,"text":" if Ethereum captures X% of commerce in AI,","temperature":0,"avg_logprob":-0.26625844594594594,"compression_ratio":1.5884244372990353,"no_speech_prob":0.038421630859375,"words":[]},{"start":909,"end":910.68,"text":" like agentic commerce,","temperature":0,"avg_logprob":-0.26625844594594594,"compression_ratio":1.5884244372990353,"no_speech_prob":0.038421630859375,"words":[]},{"start":910.68,"end":912.12,"text":" then you just add on to it.","temperature":0,"avg_logprob":-0.26625844594594594,"compression_ratio":1.5884244372990353,"no_speech_prob":0.038421630859375,"words":[]},{"start":912.12,"end":914.24,"text":" So he's combining two different strategies here.","temperature":0,"avg_logprob":-0.26625844594594594,"compression_ratio":1.5884244372990353,"no_speech_prob":0.038421630859375,"words":[]},{"start":914.24,"end":915.08,"text":" Of course.","temperature":0,"avg_logprob":-0.26625844594594594,"compression_ratio":1.5884244372990353,"no_speech_prob":0.038421630859375,"words":[]},{"start":915.08,"end":917.2,"text":" But that's what everyone does in crypto, I feel like.","temperature":0,"avg_logprob":-0.26625844594594594,"compression_ratio":1.5884244372990353,"no_speech_prob":0.038421630859375,"words":[]},{"start":917.2,"end":918.5600000000001,"text":" They combine a little bit of kind of","temperature":0,"avg_logprob":-0.26625844594594594,"compression_ratio":1.5884244372990353,"no_speech_prob":0.038421630859375,"words":[]},{"start":918.5600000000001,"end":920.36,"text":" a lot more long term type TA,","temperature":0,"avg_logprob":-0.26625844594594594,"compression_ratio":1.5884244372990353,"no_speech_prob":0.038421630859375,"words":[]},{"start":920.36,"end":923.6,"text":" call it the Ben Cowan type of thing, right?","temperature":0,"avg_logprob":-0.26625844594594594,"compression_ratio":1.5884244372990353,"no_speech_prob":0.038421630859375,"words":[]},{"start":923.6,"end":925.48,"text":" This is just flavored with Tom Lee.","temperature":0,"avg_logprob":-0.26625844594594594,"compression_ratio":1.5884244372990353,"no_speech_prob":0.038421630859375,"words":[]},{"start":925.48,"end":928.44,"text":" Flavored with his characteristic bullishness.","temperature":0,"avg_logprob":-0.26625844594594594,"compression_ratio":1.5884244372990353,"no_speech_prob":0.038421630859375,"words":[]},{"start":928.44,"end":931.5200000000001,"text":" And now, in particular, his eat bullishness.","temperature":0,"avg_logprob":-0.20234375,"compression_ratio":1.575,"no_speech_prob":0.00307464599609375,"words":[]},{"start":931.5200000000001,"end":935.36,"text":" So when I saw that, this, I thought, okay.","temperature":0,"avg_logprob":-0.20234375,"compression_ratio":1.575,"no_speech_prob":0.00307464599609375,"words":[]},{"start":935.36,"end":937.6400000000001,"text":" I mean, of course, 62K.","temperature":0,"avg_logprob":-0.20234375,"compression_ratio":1.575,"no_speech_prob":0.00307464599609375,"words":[]},{"start":937.6400000000001,"end":939.4000000000001,"text":" If that means that starts to get into that,","temperature":0,"avg_logprob":-0.20234375,"compression_ratio":1.575,"no_speech_prob":0.00307464599609375,"words":[]},{"start":939.4000000000001,"end":940.6800000000001,"text":" doesn't sound reasonable, Tom Lee.","temperature":0,"avg_logprob":-0.20234375,"compression_ratio":1.575,"no_speech_prob":0.00307464599609375,"words":[]},{"start":940.6800000000001,"end":942.1600000000001,"text":" How do you get that number?","temperature":0,"avg_logprob":-0.20234375,"compression_ratio":1.575,"no_speech_prob":0.00307464599609375,"words":[]},{"start":942.1600000000001,"end":946.0400000000001,"text":" But when you look at sort of the long term ratio","temperature":0,"avg_logprob":-0.20234375,"compression_ratio":1.575,"no_speech_prob":0.00307464599609375,"words":[]},{"start":946.0400000000001,"end":948.84,"text":" and the possibilities and the building momentum,","temperature":0,"avg_logprob":-0.20234375,"compression_ratio":1.575,"no_speech_prob":0.00307464599609375,"words":[]},{"start":948.84,"end":949.6800000000001,"text":" that's what he said.","temperature":0,"avg_logprob":-0.20234375,"compression_ratio":1.575,"no_speech_prob":0.00307464599609375,"words":[]},{"start":949.6800000000001,"end":951.84,"text":" Like, you know, we've been three or four years flat.","temperature":0,"avg_logprob":-0.20234375,"compression_ratio":1.575,"no_speech_prob":0.00307464599609375,"words":[]},{"start":951.84,"end":954.8800000000001,"text":" And now we've broken out of that, right?","temperature":0,"avg_logprob":-0.20234375,"compression_ratio":1.575,"no_speech_prob":0.00307464599609375,"words":[]},{"start":954.8800000000001,"end":957.24,"text":" 12K, 22K.","temperature":0,"avg_logprob":-0.20234375,"compression_ratio":1.575,"no_speech_prob":0.00307464599609375,"words":[]},{"start":957.24,"end":959.28,"text":" I can see that range being totally possible.","temperature":0,"avg_logprob":-0.26970541401273884,"compression_ratio":1.5975232198142415,"no_speech_prob":0.0030269622802734375,"words":[]},{"start":959.28,"end":961.72,"text":" Now, I don't know if we hit that by the end of the year.","temperature":0,"avg_logprob":-0.26970541401273884,"compression_ratio":1.5975232198142415,"no_speech_prob":0.0030269622802734375,"words":[]},{"start":961.72,"end":964.4,"text":" We got to get through down, downtenberg, of course.","temperature":0,"avg_logprob":-0.26970541401273884,"compression_ratio":1.5975232198142415,"no_speech_prob":0.0030269622802734375,"words":[]},{"start":964.4,"end":967.92,"text":" But what do you think about Tom Lee's bull case?","temperature":0,"avg_logprob":-0.26970541401273884,"compression_ratio":1.5975232198142415,"no_speech_prob":0.0030269622802734375,"words":[]},{"start":967.92,"end":970.12,"text":" I mean, the whole of Wycoff accumulation","temperature":0,"avg_logprob":-0.26970541401273884,"compression_ratio":1.5975232198142415,"no_speech_prob":0.0030269622802734375,"words":[]},{"start":970.12,"end":971.76,"text":" that he started with at the very beginning,","temperature":0,"avg_logprob":-0.26970541401273884,"compression_ratio":1.5975232198142415,"no_speech_prob":0.0030269622802734375,"words":[]},{"start":971.76,"end":975.48,"text":" I resonate with because that was where I got my like,","temperature":0,"avg_logprob":-0.26970541401273884,"compression_ratio":1.5975232198142415,"no_speech_prob":0.0030269622802734375,"words":[]},{"start":975.48,"end":976.76,"text":" shipped Wycoff.","temperature":0,"avg_logprob":-0.26970541401273884,"compression_ratio":1.5975232198142415,"no_speech_prob":0.0030269622802734375,"words":[]},{"start":976.76,"end":978.8,"text":" Wycoff, yeah, Wycoff, yeah.","temperature":0,"avg_logprob":-0.26970541401273884,"compression_ratio":1.5975232198142415,"no_speech_prob":0.0030269622802734375,"words":[]},{"start":978.8,"end":980.76,"text":" Yeah, that's when we were looking at all","temperature":0,"avg_logprob":-0.26970541401273884,"compression_ratio":1.5975232198142415,"no_speech_prob":0.0030269622802734375,"words":[]},{"start":980.76,"end":983.64,"text":" throughout 2018 through 2020, when ETH was flat","temperature":0,"avg_logprob":-0.26970541401273884,"compression_ratio":1.5975232198142415,"no_speech_prob":0.0030269622802734375,"words":[]},{"start":983.64,"end":986.72,"text":" between $100 and $300 for like two years.","temperature":0,"avg_logprob":-0.26970541401273884,"compression_ratio":1.5975232198142415,"no_speech_prob":0.0030269622802734375,"words":[]},{"start":987,"end":989.6800000000001,"text":" It's actually crazy that we are twice that long.","temperature":0,"avg_logprob":-0.16488486842105263,"compression_ratio":1.724907063197026,"no_speech_prob":0.001674652099609375,"words":[]},{"start":989.6800000000001,"end":990.88,"text":" And so he goes like, okay,","temperature":0,"avg_logprob":-0.16488486842105263,"compression_ratio":1.724907063197026,"no_speech_prob":0.001674652099609375,"words":[]},{"start":990.88,"end":994.9200000000001,"text":" and then there was a $54X increase from $90 to $4,900.","temperature":0,"avg_logprob":-0.16488486842105263,"compression_ratio":1.724907063197026,"no_speech_prob":0.001674652099609375,"words":[]},{"start":994.9200000000001,"end":996.5600000000001,"text":" Could that happen again?","temperature":0,"avg_logprob":-0.16488486842105263,"compression_ratio":1.724907063197026,"no_speech_prob":0.001674652099609375,"words":[]},{"start":996.5600000000001,"end":998.9200000000001,"text":" Well, the Wycoff accumulation is twice as long.","temperature":0,"avg_logprob":-0.16488486842105263,"compression_ratio":1.724907063197026,"no_speech_prob":0.001674652099609375,"words":[]},{"start":998.9200000000001,"end":1000.88,"text":" And so even if you say that like, okay,","temperature":0,"avg_logprob":-0.16488486842105263,"compression_ratio":1.724907063197026,"no_speech_prob":0.001674652099609375,"words":[]},{"start":1000.88,"end":1005.64,"text":" you can't go $54X from $4,000.","temperature":0,"avg_logprob":-0.16488486842105263,"compression_ratio":1.724907063197026,"no_speech_prob":0.001674652099609375,"words":[]},{"start":1005.64,"end":1006.8000000000001,"text":" Sure, I'll take that.","temperature":0,"avg_logprob":-0.16488486842105263,"compression_ratio":1.724907063197026,"no_speech_prob":0.001674652099609375,"words":[]},{"start":1006.8000000000001,"end":1008.2,"text":" Like that's probably should be base case.","temperature":0,"avg_logprob":-0.16488486842105263,"compression_ratio":1.724907063197026,"no_speech_prob":0.001674652099609375,"words":[]},{"start":1008.2,"end":1010.36,"text":" Like you can't do another $54X into infinity.","temperature":0,"avg_logprob":-0.16488486842105263,"compression_ratio":1.724907063197026,"no_speech_prob":0.001674652099609375,"words":[]},{"start":1010.36,"end":1013.32,"text":" But the Wycoff accumulation is twice as long.","temperature":0,"avg_logprob":-0.16488486842105263,"compression_ratio":1.724907063197026,"no_speech_prob":0.001674652099609375,"words":[]},{"start":1013.32,"end":1015,"text":" And if we've done it once before,","temperature":0,"avg_logprob":-0.16488486842105263,"compression_ratio":1.724907063197026,"no_speech_prob":0.001674652099609375,"words":[]},{"start":1015.04,"end":1017.52,"text":" so there is something to the notion","temperature":0,"avg_logprob":-0.21083603896103897,"compression_ratio":1.7439446366782008,"no_speech_prob":0.0012063980102539062,"words":[]},{"start":1017.52,"end":1020.92,"text":" that like ETH has coiled up for quite a long time.","temperature":0,"avg_logprob":-0.21083603896103897,"compression_ratio":1.7439446366782008,"no_speech_prob":0.0012063980102539062,"words":[]},{"start":1020.92,"end":1022.12,"text":" Right, yeah.","temperature":0,"avg_logprob":-0.21083603896103897,"compression_ratio":1.7439446366782008,"no_speech_prob":0.0012063980102539062,"words":[]},{"start":1022.12,"end":1023.76,"text":" I mean, it sounds possible to me.","temperature":0,"avg_logprob":-0.21083603896103897,"compression_ratio":1.7439446366782008,"no_speech_prob":0.0012063980102539062,"words":[]},{"start":1023.76,"end":1025.28,"text":" All of this sounds possible to me.","temperature":0,"avg_logprob":-0.21083603896103897,"compression_ratio":1.7439446366782008,"no_speech_prob":0.0012063980102539062,"words":[]},{"start":1025.28,"end":1026.84,"text":" And the one thing I like about Tom Lee,","temperature":0,"avg_logprob":-0.21083603896103897,"compression_ratio":1.7439446366782008,"no_speech_prob":0.0012063980102539062,"words":[]},{"start":1026.84,"end":1029.92,"text":" well, one of the many things I like about Tom Sir Tom Lee","temperature":0,"avg_logprob":-0.21083603896103897,"compression_ratio":1.7439446366782008,"no_speech_prob":0.0012063980102539062,"words":[]},{"start":1029.92,"end":1031.52,"text":" is that he is backing this up.","temperature":0,"avg_logprob":-0.21083603896103897,"compression_ratio":1.7439446366782008,"no_speech_prob":0.0012063980102539062,"words":[]},{"start":1031.52,"end":1035.36,"text":" He's putting his money where his TA is, I guess,","temperature":0,"avg_logprob":-0.21083603896103897,"compression_ratio":1.7439446366782008,"no_speech_prob":0.0012063980102539062,"words":[]},{"start":1035.36,"end":1036.8,"text":" or where his price predictions are.","temperature":0,"avg_logprob":-0.21083603896103897,"compression_ratio":1.7439446366782008,"no_speech_prob":0.0012063980102539062,"words":[]},{"start":1036.8,"end":1038.96,"text":" And he's buying astronomical amounts to me.","temperature":0,"avg_logprob":-0.21083603896103897,"compression_ratio":1.7439446366782008,"no_speech_prob":0.0012063980102539062,"words":[]},{"start":1038.96,"end":1041.2,"text":" And he looks his finger, sticks it in the air,","temperature":0,"avg_logprob":-0.21083603896103897,"compression_ratio":1.7439446366782008,"no_speech_prob":0.0012063980102539062,"words":[]},{"start":1041.2,"end":1044.32,"text":" and says $62,000, but in that,","temperature":0,"avg_logprob":-0.21083603896103897,"compression_ratio":1.7439446366782008,"no_speech_prob":0.0012063980102539062,"words":[]},{"start":1044.32,"end":1046.04,"text":" oh, by the way, there's a rumor going around","temperature":0,"avg_logprob":-0.27827380952380953,"compression_ratio":1.7046979865771812,"no_speech_prob":0.00498199462890625,"words":[]},{"start":1046.04,"end":1048.52,"text":" while you're out, the Tom Lee's gonna be on Joe Rogan.","temperature":0,"avg_logprob":-0.27827380952380953,"compression_ratio":1.7046979865771812,"no_speech_prob":0.00498199462890625,"words":[]},{"start":1048.52,"end":1051.08,"text":" Yeah, I came back, it's Joe Rogan.","temperature":0,"avg_logprob":-0.27827380952380953,"compression_ratio":1.7046979865771812,"no_speech_prob":0.00498199462890625,"words":[]},{"start":1051.08,"end":1051.9199999999998,"text":" Just a rumor.","temperature":0,"avg_logprob":-0.27827380952380953,"compression_ratio":1.7046979865771812,"no_speech_prob":0.00498199462890625,"words":[]},{"start":1051.9199999999998,"end":1052.9199999999998,"text":" Just a rumor.","temperature":0,"avg_logprob":-0.27827380952380953,"compression_ratio":1.7046979865771812,"no_speech_prob":0.00498199462890625,"words":[]},{"start":1054.12,"end":1056.28,"text":" I can't even, that would actually be material.","temperature":0,"avg_logprob":-0.27827380952380953,"compression_ratio":1.7046979865771812,"no_speech_prob":0.00498199462890625,"words":[]},{"start":1056.28,"end":1058.52,"text":" I can't even predict what that conversation would be like.","temperature":0,"avg_logprob":-0.27827380952380953,"compression_ratio":1.7046979865771812,"no_speech_prob":0.00498199462890625,"words":[]},{"start":1058.52,"end":1061,"text":" Tom Lee and Joe Rogan, it's like just like,","temperature":0,"avg_logprob":-0.27827380952380953,"compression_ratio":1.7046979865771812,"no_speech_prob":0.00498199462890625,"words":[]},{"start":1061,"end":1062.6,"text":" it just doesn't seem to fit.","temperature":0,"avg_logprob":-0.27827380952380953,"compression_ratio":1.7046979865771812,"no_speech_prob":0.00498199462890625,"words":[]},{"start":1062.6,"end":1064.1599999999999,"text":" But I guess we should play a drinking game","temperature":0,"avg_logprob":-0.27827380952380953,"compression_ratio":1.7046979865771812,"no_speech_prob":0.00498199462890625,"words":[]},{"start":1064.1599999999999,"end":1066.9199999999998,"text":" for how many times Tom Lee says ETH on.","temperature":0,"avg_logprob":-0.27827380952380953,"compression_ratio":1.7046979865771812,"no_speech_prob":0.00498199462890625,"words":[]},{"start":1066.9199999999998,"end":1068.6,"text":" First big coin.","temperature":0,"avg_logprob":-0.27827380952380953,"compression_ratio":1.7046979865771812,"no_speech_prob":0.00498199462890625,"words":[]},{"start":1068.6,"end":1071.6,"text":" No, I think he says ETH probably 200 times.","temperature":0,"avg_logprob":-0.27827380952380953,"compression_ratio":1.7046979865771812,"no_speech_prob":0.00498199462890625,"words":[]},{"start":1071.6,"end":1072.4399999999998,"text":" Oh my God.","temperature":0,"avg_logprob":-0.27827380952380953,"compression_ratio":1.7046979865771812,"no_speech_prob":0.00498199462890625,"words":[]},{"start":1072.4399999999998,"end":1073.28,"text":" On the show.","temperature":0,"avg_logprob":-0.27827380952380953,"compression_ratio":1.7046979865771812,"no_speech_prob":0.00498199462890625,"words":[]},{"start":1074.12,"end":1077.08,"text":" That would be very bullish, but then I could see 62K.","temperature":0,"avg_logprob":-0.29765070921985815,"compression_ratio":1.512280701754386,"no_speech_prob":0.0182647705078125,"words":[]},{"start":1077.08,"end":1079.72,"text":" That's in the cards.","temperature":0,"avg_logprob":-0.29765070921985815,"compression_ratio":1.512280701754386,"no_speech_prob":0.0182647705078125,"words":[]},{"start":1079.72,"end":1081.76,"text":" Ratio, how are we doing on the 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too","temperature":0,"avg_logprob":-0.29765070921985815,"compression_ratio":1.512280701754386,"no_speech_prob":0.0182647705078125,"words":[]},{"start":1094.92,"end":1096.08,"text":" while you were out coming back.","temperature":0,"avg_logprob":-0.29765070921985815,"compression_ratio":1.512280701754386,"no_speech_prob":0.0182647705078125,"words":[]},{"start":1096.08,"end":1098.48,"text":" Gold has hit an all-time high.","temperature":0,"avg_logprob":-0.29765070921985815,"compression_ratio":1.512280701754386,"no_speech_prob":0.0182647705078125,"words":[]},{"start":1098.48,"end":1099.32,"text":" It is doing well.","temperature":0,"avg_logprob":-0.29765070921985815,"compression_ratio":1.512280701754386,"no_speech_prob":0.0182647705078125,"words":[]},{"start":1099.32,"end":1102.6399999999999,"text":" This is such a kind of scary to me when gold 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most?","temperature":0,"avg_logprob":-0.31160714285714286,"compression_ratio":1.7962962962962963,"no_speech_prob":0.004131317138671875,"words":[]},{"start":1107.3600000000001,"end":1108.2,"text":" What's it it's doing?","temperature":0,"avg_logprob":-0.31160714285714286,"compression_ratio":1.7962962962962963,"no_speech_prob":0.004131317138671875,"words":[]},{"start":1108.2,"end":1109.2,"text":" I mean, it's a kind of store value asset.","temperature":0,"avg_logprob":-0.31160714285714286,"compression_ratio":1.7962962962962963,"no_speech_prob":0.004131317138671875,"words":[]},{"start":1109.2,"end":1111.3600000000001,"text":" This is the Ray Dalio thing.","temperature":0,"avg_logprob":-0.31160714285714286,"compression_ratio":1.7962962962962963,"no_speech_prob":0.004131317138671875,"words":[]},{"start":1111.3600000000001,"end":1113.96,"text":" This is Bolognes take, which is somewhat interesting.","temperature":0,"avg_logprob":-0.31160714285714286,"compression_ratio":1.7962962962962963,"no_speech_prob":0.004131317138671875,"words":[]},{"start":1113.96,"end":1118.8000000000002,"text":" It's basically gold is now the store value for central banks,","temperature":0,"avg_logprob":-0.31160714285714286,"compression_ratio":1.7962962962962963,"no_speech_prob":0.004131317138671875,"words":[]},{"start":1118.8000000000002,"end":1121.44,"text":" whereas digital assets crypto is the store value","temperature":0,"avg_logprob":-0.31160714285714286,"compression_ratio":1.7962962962962963,"no_speech_prob":0.004131317138671875,"words":[]},{"start":1121.44,"end":1123.4,"text":" for individuals.","temperature":0,"avg_logprob":-0.31160714285714286,"compression_ratio":1.7962962962962963,"no_speech_prob":0.004131317138671875,"words":[]},{"start":1123.4,"end":1125.96,"text":" And so basically what you're seeing is central banks","temperature":0,"avg_logprob":-0.31160714285714286,"compression_ratio":1.7962962962962963,"no_speech_prob":0.004131317138671875,"words":[]},{"start":1125.96,"end":1129.3200000000002,"text":" are stacking and buying and accumulating gold","temperature":0,"avg_logprob":-0.31160714285714286,"compression_ratio":1.7962962962962963,"no_speech_prob":0.004131317138671875,"words":[]},{"start":1129.3200000000002,"end":1131.96,"text":" and individuals are using crypto assets.","temperature":0,"avg_logprob":-0.31160714285714286,"compression_ratio":1.7962962962962963,"no_speech_prob":0.004131317138671875,"words":[]},{"start":1131.96,"end":1133.68,"text":" Primarily is their store value.","temperature":0,"avg_logprob":-0.27967767295597484,"compression_ratio":1.5910543130990416,"no_speech_prob":0.0025501251220703125,"words":[]},{"start":1133.68,"end":1135.28,"text":" Totally checks out.","temperature":0,"avg_logprob":-0.27967767295597484,"compression_ratio":1.5910543130990416,"no_speech_prob":0.0025501251220703125,"words":[]},{"start":1135.28,"end":1137.44,"text":" Which central banks is buying all of this gold?","temperature":0,"avg_logprob":-0.27967767295597484,"compression_ratio":1.5910543130990416,"no_speech_prob":0.0025501251220703125,"words":[]},{"start":1137.44,"end":1139.2,"text":" Who's moving the gold price?","temperature":0,"avg_logprob":-0.27967767295597484,"compression_ratio":1.5910543130990416,"no_speech_prob":0.0025501251220703125,"words":[]},{"start":1139.2,"end":1140.04,"text":" Time of them.","temperature":0,"avg_logprob":-0.27967767295597484,"compression_ratio":1.5910543130990416,"no_speech_prob":0.0025501251220703125,"words":[]},{"start":1140.04,"end":1141.16,"text":" I'm China, Russia of them.","temperature":0,"avg_logprob":-0.27967767295597484,"compression_ratio":1.5910543130990416,"no_speech_prob":0.0025501251220703125,"words":[]},{"start":1141.16,"end":1142,"text":" Yeah.","temperature":0,"avg_logprob":-0.27967767295597484,"compression_ratio":1.5910543130990416,"no_speech_prob":0.0025501251220703125,"words":[]},{"start":1142,"end":1144,"text":" A lot of this has happened post the,","temperature":0,"avg_logprob":-0.27967767295597484,"compression_ratio":1.5910543130990416,"no_speech_prob":0.0025501251220703125,"words":[]},{"start":1144,"end":1145,"text":" the tankings.","temperature":0,"avg_logprob":-0.27967767295597484,"compression_ratio":1.5910543130990416,"no_speech_prob":0.0025501251220703125,"words":[]},{"start":1145,"end":1146.08,"text":" Freezing of Russian banks.","temperature":0,"avg_logprob":-0.27967767295597484,"compression_ratio":1.5910543130990416,"no_speech_prob":0.0025501251220703125,"words":[]},{"start":1146.08,"end":1146.96,"text":" Yep, yep.","temperature":0,"avg_logprob":-0.27967767295597484,"compression_ratio":1.5910543130990416,"no_speech_prob":0.0025501251220703125,"words":[]},{"start":1146.96,"end":1149.92,"text":" And so this is what you get, gold all-time highs.","temperature":0,"avg_logprob":-0.27967767295597484,"compression_ratio":1.5910543130990416,"no_speech_prob":0.0025501251220703125,"words":[]},{"start":1149.92,"end":1150.72,"text":" All right, then.","temperature":0,"avg_logprob":-0.27967767295597484,"compression_ratio":1.5910543130990416,"no_speech_prob":0.0025501251220703125,"words":[]},{"start":1150.72,"end":1152.76,"text":" David, let's talk a little bit about the treasuries.","temperature":0,"avg_logprob":-0.27967767295597484,"compression_ratio":1.5910543130990416,"no_speech_prob":0.0025501251220703125,"words":[]},{"start":1152.76,"end":1155.72,"text":" I just want to recap the last like 30 to 90 days","temperature":0,"avg_logprob":-0.27967767295597484,"compression_ratio":1.5910543130990416,"no_speech_prob":0.0025501251220703125,"words":[]},{"start":1155.72,"end":1157.8400000000001,"text":" of Ethereum in particular,","temperature":0,"avg_logprob":-0.27967767295597484,"compression_ratio":1.5910543130990416,"no_speech_prob":0.0025501251220703125,"words":[]},{"start":1157.8400000000001,"end":1159.96,"text":" because it's had an incredible 90 days","temperature":0,"avg_logprob":-0.27967767295597484,"compression_ratio":1.5910543130990416,"no_speech_prob":0.0025501251220703125,"words":[]},{"start":1159.96,"end":1163.32,"text":" with respect to its institutional accumulation story here.","temperature":0,"avg_logprob":-0.22980182926829268,"compression_ratio":1.5809128630705394,"no_speech_prob":0.002216339111328125,"words":[]},{"start":1163.32,"end":1166.48,"text":" This is a chart of ETF flows.","temperature":0,"avg_logprob":-0.22980182926829268,"compression_ratio":1.5809128630705394,"no_speech_prob":0.002216339111328125,"words":[]},{"start":1166.48,"end":1168.28,"text":" Blue is Ethereum.","temperature":0,"avg_logprob":-0.22980182926829268,"compression_ratio":1.5809128630705394,"no_speech_prob":0.002216339111328125,"words":[]},{"start":1168.28,"end":1169.1200000000001,"text":" Look at this.","temperature":0,"avg_logprob":-0.22980182926829268,"compression_ratio":1.5809128630705394,"no_speech_prob":0.002216339111328125,"words":[]},{"start":1169.1200000000001,"end":1170.24,"text":" That's a lot of blue.","temperature":0,"avg_logprob":-0.22980182926829268,"compression_ratio":1.5809128630705394,"no_speech_prob":0.002216339111328125,"words":[]},{"start":1170.24,"end":1171.92,"text":" June, July, August.","temperature":0,"avg_logprob":-0.22980182926829268,"compression_ratio":1.5809128630705394,"no_speech_prob":0.002216339111328125,"words":[]},{"start":1171.92,"end":1173.4,"text":" Look, August, it's all blue.","temperature":0,"avg_logprob":-0.22980182926829268,"compression_ratio":1.5809128630705394,"no_speech_prob":0.002216339111328125,"words":[]},{"start":1173.4,"end":1176.76,"text":" Oh, it's like 90% blue in August.","temperature":0,"avg_logprob":-0.22980182926829268,"compression_ratio":1.5809128630705394,"no_speech_prob":0.002216339111328125,"words":[]},{"start":1176.76,"end":1178.8400000000001,"text":" These are net inflows, I should say.","temperature":0,"avg_logprob":-0.22980182926829268,"compression_ratio":1.5809128630705394,"no_speech_prob":0.002216339111328125,"words":[]},{"start":1178.8400000000001,"end":1181.48,"text":" And ETH has just led.","temperature":0,"avg_logprob":-0.22980182926829268,"compression_ratio":1.5809128630705394,"no_speech_prob":0.002216339111328125,"words":[]},{"start":1181.48,"end":1184.44,"text":" It has dominated for the past three months,","temperature":0,"avg_logprob":-0.22980182926829268,"compression_ratio":1.5809128630705394,"no_speech_prob":0.002216339111328125,"words":[]},{"start":1184.44,"end":1187.44,"text":" and even into the past summer, for the summer, yeah.","temperature":0,"avg_logprob":-0.22980182926829268,"compression_ratio":1.5809128630705394,"no_speech_prob":0.002216339111328125,"words":[]},{"start":1187.48,"end":1190.88,"text":" This is Crypto Treasury companies, purchases by assets.","temperature":0,"avg_logprob":-0.34162808641975306,"compression_ratio":1.6258503401360545,"no_speech_prob":0.004680633544921875,"words":[]},{"start":1192.04,"end":1193.04,"text":" Bitcoin, of course, of course.","temperature":0,"avg_logprob":-0.34162808641975306,"compression_ratio":1.6258503401360545,"no_speech_prob":0.004680633544921875,"words":[]},{"start":1193.04,"end":1193.88,"text":" That is.","temperature":0,"avg_logprob":-0.34162808641975306,"compression_ratio":1.6258503401360545,"no_speech_prob":0.004680633544921875,"words":[]},{"start":1193.88,"end":1195.48,"text":" Ethan Ryan, I give you permission","temperature":0,"avg_logprob":-0.34162808641975306,"compression_ratio":1.6258503401360545,"no_speech_prob":0.004680633544921875,"words":[]},{"start":1195.48,"end":1197.1200000000001,"text":" to use the F-word right here.","temperature":0,"avg_logprob":-0.34162808641975306,"compression_ratio":1.6258503401360545,"no_speech_prob":0.004680633544921875,"words":[]},{"start":1197.1200000000001,"end":1197.96,"text":" Right?","temperature":0,"avg_logprob":-0.34162808641975306,"compression_ratio":1.6258503401360545,"no_speech_prob":0.004680633544921875,"words":[]},{"start":1197.96,"end":1198.8,"text":" Yeah.","temperature":0,"avg_logprob":-0.34162808641975306,"compression_ratio":1.6258503401360545,"no_speech_prob":0.004680633544921875,"words":[]},{"start":1198.8,"end":1200.1200000000001,"text":" It's fantastic, isn't it?","temperature":0,"avg_logprob":-0.34162808641975306,"compression_ratio":1.6258503401360545,"no_speech_prob":0.004680633544921875,"words":[]},{"start":1200.1200000000001,"end":1200.96,"text":" Oh.","temperature":0,"avg_logprob":-0.34162808641975306,"compression_ratio":1.6258503401360545,"no_speech_prob":0.004680633544921875,"words":[]},{"start":1202.24,"end":1205.72,"text":" It's, yeah, it's incredible, like from June,","temperature":0,"avg_logprob":-0.34162808641975306,"compression_ratio":1.6258503401360545,"no_speech_prob":0.004680633544921875,"words":[]},{"start":1205.72,"end":1206.56,"text":" or Bitcoin.","temperature":0,"avg_logprob":-0.34162808641975306,"compression_ratio":1.6258503401360545,"no_speech_prob":0.004680633544921875,"words":[]},{"start":1206.56,"end":1207.4,"text":" I'm sorry, you're my dominant.","temperature":0,"avg_logprob":-0.34162808641975306,"compression_ratio":1.6258503401360545,"no_speech_prob":0.004680633544921875,"words":[]},{"start":1207.4,"end":1208.72,"text":" I know what you meant, I know what you meant.","temperature":0,"avg_logprob":-0.34162808641975306,"compression_ratio":1.6258503401360545,"no_speech_prob":0.004680633544921875,"words":[]},{"start":1208.72,"end":1211.92,"text":" July, ETH was still smaller, but August,","temperature":0,"avg_logprob":-0.34162808641975306,"compression_ratio":1.6258503401360545,"no_speech_prob":0.004680633544921875,"words":[]},{"start":1211.92,"end":1213.76,"text":" it's dominated in terms of treasuries.","temperature":0,"avg_logprob":-0.34162808641975306,"compression_ratio":1.6258503401360545,"no_speech_prob":0.004680633544921875,"words":[]},{"start":1213.76,"end":1216,"text":" It's not even close, there's no other colors.","temperature":0,"avg_logprob":-0.34162808641975306,"compression_ratio":1.6258503401360545,"no_speech_prob":0.004680633544921875,"words":[]},{"start":1216,"end":1217.28,"text":" Not even close.","temperature":0,"avg_logprob":-0.34162808641975306,"compression_ratio":1.6258503401360545,"no_speech_prob":0.004680633544921875,"words":[]},{"start":1217.28,"end":1219.8,"text":" This is a tweet from CryptoGucci.","temperature":0,"avg_logprob":-0.31186655405405406,"compression_ratio":1.82,"no_speech_prob":0.004608154296875,"words":[]},{"start":1219.8,"end":1221.8799999999999,"text":" Bitcoin is accumulating 20 times.","temperature":0,"avg_logprob":-0.31186655405405406,"compression_ratio":1.82,"no_speech_prob":0.004608154296875,"words":[]},{"start":1221.8799999999999,"end":1222.8799999999999,"text":" CryptoGucci.","temperature":0,"avg_logprob":-0.31186655405405406,"compression_ratio":1.82,"no_speech_prob":0.004608154296875,"words":[]},{"start":1222.8799999999999,"end":1223.8799999999999,"text":" Gucci.","temperature":0,"avg_logprob":-0.31186655405405406,"compression_ratio":1.82,"no_speech_prob":0.004608154296875,"words":[]},{"start":1223.8799999999999,"end":1224.72,"text":" What did I say?","temperature":0,"avg_logprob":-0.31186655405405406,"compression_ratio":1.82,"no_speech_prob":0.004608154296875,"words":[]},{"start":1224.72,"end":1225.56,"text":" Gucci.","temperature":0,"avg_logprob":-0.31186655405405406,"compression_ratio":1.82,"no_speech_prob":0.004608154296875,"words":[]},{"start":1225.56,"end":1227.56,"text":" Yeah, 20 times whatever.","temperature":0,"avg_logprob":-0.31186655405405406,"compression_ratio":1.82,"no_speech_prob":0.004608154296875,"words":[]},{"start":1227.56,"end":1230.32,"text":" 20 times faster than MicroStrategy ever did.","temperature":0,"avg_logprob":-0.31186655405405406,"compression_ratio":1.82,"no_speech_prob":0.004608154296875,"words":[]},{"start":1230.32,"end":1232.96,"text":" So this is Bitcoin, this is, of course, certainly.","temperature":0,"avg_logprob":-0.31186655405405406,"compression_ratio":1.82,"no_speech_prob":0.004608154296875,"words":[]},{"start":1232.96,"end":1235.92,"text":" He is doing this much faster.","temperature":0,"avg_logprob":-0.31186655405405406,"compression_ratio":1.82,"no_speech_prob":0.004608154296875,"words":[]},{"start":1235.92,"end":1238.52,"text":" This is a log chart, a little bit deceptive here.","temperature":0,"avg_logprob":-0.31186655405405406,"compression_ratio":1.82,"no_speech_prob":0.004608154296875,"words":[]},{"start":1238.52,"end":1239.52,"text":" Yeah, a little bit, a little bit.","temperature":0,"avg_logprob":-0.31186655405405406,"compression_ratio":1.82,"no_speech_prob":0.004608154296875,"words":[]},{"start":1239.52,"end":1242.36,"text":" Until you realize it's a log chart, but it is a log chart.","temperature":0,"avg_logprob":-0.31186655405405406,"compression_ratio":1.82,"no_speech_prob":0.004608154296875,"words":[]},{"start":1242.36,"end":1244.6399999999999,"text":" And look at the Bitcoin line versus MicroStrategy.","temperature":0,"avg_logprob":-0.31186655405405406,"compression_ratio":1.82,"no_speech_prob":0.004608154296875,"words":[]},{"start":1244.64,"end":1248.5200000000002,"text":" Well, above 10% of MicroStrategy is still pretty large,","temperature":0,"avg_logprob":-0.2673891129032258,"compression_ratio":1.542857142857143,"no_speech_prob":0.08258056640625,"words":[]},{"start":1248.5200000000002,"end":1250.88,"text":" given how long Sailor has been buying Bitcoin.","temperature":0,"avg_logprob":-0.2673891129032258,"compression_ratio":1.542857142857143,"no_speech_prob":0.08258056640625,"words":[]},{"start":1250.88,"end":1252.68,"text":" Yeah, what's the way to say this?","temperature":0,"avg_logprob":-0.2673891129032258,"compression_ratio":1.542857142857143,"no_speech_prob":0.08258056640625,"words":[]},{"start":1252.68,"end":1255.96,"text":" Bitcoin has done what, like in 60 days,","temperature":0,"avg_logprob":-0.2673891129032258,"compression_ratio":1.542857142857143,"no_speech_prob":0.08258056640625,"words":[]},{"start":1255.96,"end":1259.16,"text":" what took MicroStrategy how many, like, four years to do?","temperature":0,"avg_logprob":-0.2673891129032258,"compression_ratio":1.542857142857143,"no_speech_prob":0.08258056640625,"words":[]},{"start":1259.16,"end":1260.4,"text":" Three or four years to do?","temperature":0,"avg_logprob":-0.2673891129032258,"compression_ratio":1.542857142857143,"no_speech_prob":0.08258056640625,"words":[]},{"start":1260.4,"end":1261.96,"text":" In terms of percentage supply.","temperature":0,"avg_logprob":-0.2673891129032258,"compression_ratio":1.542857142857143,"no_speech_prob":0.08258056640625,"words":[]},{"start":1261.96,"end":1263.68,"text":" Yeah, he's absolutely incredible.","temperature":0,"avg_logprob":-0.2673891129032258,"compression_ratio":1.542857142857143,"no_speech_prob":0.08258056640625,"words":[]},{"start":1263.68,"end":1267.1200000000001,"text":" Not only Tom Lee though, but Ether machine also bought","temperature":0,"avg_logprob":-0.2673891129032258,"compression_ratio":1.542857142857143,"no_speech_prob":0.08258056640625,"words":[]},{"start":1267.1200000000001,"end":1272.1200000000001,"text":" $654 million of ETH through a private transaction.","temperature":0,"avg_logprob":-0.2673891129032258,"compression_ratio":1.542857142857143,"no_speech_prob":0.08258056640625,"words":[]},{"start":1273.1200000000001,"end":1274.96,"text":" Yeah, so it brings in the total holdings","temperature":0,"avg_logprob":-0.23323675496688742,"compression_ratio":1.5598705501618122,"no_speech_prob":0.0078125,"words":[]},{"start":1274.96,"end":1278.92,"text":" in nearly 500,000 ETHs, almost half a million ETHs.","temperature":0,"avg_logprob":-0.23323675496688742,"compression_ratio":1.5598705501618122,"no_speech_prob":0.0078125,"words":[]},{"start":1278.92,"end":1282.92,"text":" As it prepares for a NASDAQ listing later this year,","temperature":0,"avg_logprob":-0.23323675496688742,"compression_ratio":1.5598705501618122,"no_speech_prob":0.0078125,"words":[]},{"start":1282.92,"end":1285.4,"text":" so yeah, Ether machine not yet actually being traded,","temperature":0,"avg_logprob":-0.23323675496688742,"compression_ratio":1.5598705501618122,"no_speech_prob":0.0078125,"words":[]},{"start":1285.4,"end":1286.68,"text":" which is kind of interesting.","temperature":0,"avg_logprob":-0.23323675496688742,"compression_ratio":1.5598705501618122,"no_speech_prob":0.0078125,"words":[]},{"start":1286.68,"end":1289.24,"text":" And then also you know who bought ETHs a bunch of ETHs this year?","temperature":0,"avg_logprob":-0.23323675496688742,"compression_ratio":1.5598705501618122,"no_speech_prob":0.0078125,"words":[]},{"start":1289.24,"end":1290.0800000000002,"text":" Or just recently?","temperature":0,"avg_logprob":-0.23323675496688742,"compression_ratio":1.5598705501618122,"no_speech_prob":0.0078125,"words":[]},{"start":1290.0800000000002,"end":1290.92,"text":" Yeah, who?","temperature":0,"avg_logprob":-0.23323675496688742,"compression_ratio":1.5598705501618122,"no_speech_prob":0.0078125,"words":[]},{"start":1290.92,"end":1291.7600000000002,"text":" Jack Ma.","temperature":0,"avg_logprob":-0.23323675496688742,"compression_ratio":1.5598705501618122,"no_speech_prob":0.0078125,"words":[]},{"start":1291.7600000000002,"end":1293.68,"text":" Jack Ma, the guy from Alibaba.","temperature":0,"avg_logprob":-0.23323675496688742,"compression_ratio":1.5598705501618122,"no_speech_prob":0.0078125,"words":[]},{"start":1293.68,"end":1296.68,"text":" Well, not technically Jack Ma, but a,","temperature":0,"avg_logprob":-0.23323675496688742,"compression_ratio":1.5598705501618122,"no_speech_prob":0.0078125,"words":[]},{"start":1296.68,"end":1299.88,"text":" there's like a series of events between this,","temperature":0,"avg_logprob":-0.23323675496688742,"compression_ratio":1.5598705501618122,"no_speech_prob":0.0078125,"words":[]},{"start":1299.88,"end":1301.24,"text":" like one Chinese financial group.","temperature":0,"avg_logprob":-0.23323675496688742,"compression_ratio":1.5598705501618122,"no_speech_prob":0.0078125,"words":[]},{"start":1301.32,"end":1302.88,"text":" Jack Ma owns 30% of it.","temperature":0,"avg_logprob":-0.21076642335766424,"compression_ratio":1.6221498371335505,"no_speech_prob":0.007114410400390625,"words":[]},{"start":1302.88,"end":1306.24,"text":" He founded the thing that the current thing bought, whatever.","temperature":0,"avg_logprob":-0.21076642335766424,"compression_ratio":1.6221498371335505,"no_speech_prob":0.007114410400390625,"words":[]},{"start":1306.24,"end":1309.6,"text":" Young Feng Financial Group bought $10,000 ETH for $400","temperature":0,"avg_logprob":-0.21076642335766424,"compression_ratio":1.6221498371335505,"no_speech_prob":0.007114410400390625,"words":[]},{"start":1309.6,"end":1313.36,"text":" for $44 million to just put it in his corporate strategy.","temperature":0,"avg_logprob":-0.21076642335766424,"compression_ratio":1.6221498371335505,"no_speech_prob":0.007114410400390625,"words":[]},{"start":1313.36,"end":1315.2,"text":" Yeah, this is a Hong Kong finance company.","temperature":0,"avg_logprob":-0.21076642335766424,"compression_ratio":1.6221498371335505,"no_speech_prob":0.007114410400390625,"words":[]},{"start":1315.2,"end":1316.68,"text":" And the reason that they said they bought it","temperature":0,"avg_logprob":-0.21076642335766424,"compression_ratio":1.6221498371335505,"no_speech_prob":0.007114410400390625,"words":[]},{"start":1316.68,"end":1319.44,"text":" is as a strategic reserve asset,","temperature":0,"avg_logprob":-0.21076642335766424,"compression_ratio":1.6221498371335505,"no_speech_prob":0.007114410400390625,"words":[]},{"start":1319.44,"end":1322.04,"text":" which is obviously narrative violation there.","temperature":0,"avg_logprob":-0.21076642335766424,"compression_ratio":1.6221498371335505,"no_speech_prob":0.007114410400390625,"words":[]},{"start":1322.04,"end":1324.76,"text":" And then it jumps by 10% after the announcement,","temperature":0,"avg_logprob":-0.21076642335766424,"compression_ratio":1.6221498371335505,"no_speech_prob":0.007114410400390625,"words":[]},{"start":1324.76,"end":1327,"text":" which means they have more capital.","temperature":0,"avg_logprob":-0.21076642335766424,"compression_ratio":1.6221498371335505,"no_speech_prob":0.007114410400390625,"words":[]},{"start":1327,"end":1329.72,"text":" Yeah, one thing, David, as we kind of zoom out,","temperature":0,"avg_logprob":-0.21076642335766424,"compression_ratio":1.6221498371335505,"no_speech_prob":0.007114410400390625,"words":[]},{"start":1329.72,"end":1332.04,"text":" we look at the strategic ETHs, here,","temperature":0,"avg_logprob":-0.2421875,"compression_ratio":1.5747126436781609,"no_speech_prob":0.00618743896484375,"words":[]},{"start":1332.04,"end":1334.72,"text":" all of the ETHs, we see BitMind, the scoreboard,","temperature":0,"avg_logprob":-0.2421875,"compression_ratio":1.5747126436781609,"no_speech_prob":0.00618743896484375,"words":[]},{"start":1334.72,"end":1336.72,"text":" is BitMind clearly in the lead,","temperature":0,"avg_logprob":-0.2421875,"compression_ratio":1.5747126436781609,"no_speech_prob":0.00618743896484375,"words":[]},{"start":1336.72,"end":1339.32,"text":" 1.87 million, sharp link gaming,","temperature":0,"avg_logprob":-0.2421875,"compression_ratio":1.5747126436781609,"no_speech_prob":0.00618743896484375,"words":[]},{"start":1339.32,"end":1343.64,"text":" 837,000 ETH, the Ether machine under that,","temperature":0,"avg_logprob":-0.2421875,"compression_ratio":1.5747126436781609,"no_speech_prob":0.00618743896484375,"words":[]},{"start":1343.64,"end":1345.16,"text":" just under 500,000 ETH.","temperature":0,"avg_logprob":-0.2421875,"compression_ratio":1.5747126436781609,"no_speech_prob":0.00618743896484375,"words":[]},{"start":1345.16,"end":1348.16,"text":" So three horses in the top here","temperature":0,"avg_logprob":-0.2421875,"compression_ratio":1.5747126436781609,"no_speech_prob":0.00618743896484375,"words":[]},{"start":1348.16,"end":1349.84,"text":" that are still kind of competing.","temperature":0,"avg_logprob":-0.2421875,"compression_ratio":1.5747126436781609,"no_speech_prob":0.00618743896484375,"words":[]},{"start":1349.84,"end":1351.72,"text":" One thing I should draw your attention to though,","temperature":0,"avg_logprob":-0.2421875,"compression_ratio":1.5747126436781609,"no_speech_prob":0.00618743896484375,"words":[]},{"start":1351.72,"end":1355.48,"text":" is this column right here, the MNAV column, okay?","temperature":0,"avg_logprob":-0.2421875,"compression_ratio":1.5747126436781609,"no_speech_prob":0.00618743896484375,"words":[]},{"start":1355.48,"end":1359.32,"text":" So BitMind right now, 1.05,","temperature":0,"avg_logprob":-0.2421875,"compression_ratio":1.5747126436781609,"no_speech_prob":0.00618743896484375,"words":[]},{"start":1359.32,"end":1361.12,"text":" lowest I've seen it on the week.","temperature":0,"avg_logprob":-0.221875,"compression_ratio":1.7866666666666666,"no_speech_prob":0.01097869873046875,"words":[]},{"start":1361.12,"end":1365.3999999999999,"text":" Sharp link gaming is under 1, at this point in time.","temperature":0,"avg_logprob":-0.221875,"compression_ratio":1.7866666666666666,"no_speech_prob":0.01097869873046875,"words":[]},{"start":1365.3999999999999,"end":1369.08,"text":" And there's some dispute as to whether it's actually under 1,","temperature":0,"avg_logprob":-0.221875,"compression_ratio":1.7866666666666666,"no_speech_prob":0.01097869873046875,"words":[]},{"start":1369.08,"end":1371.08,"text":" it depends on who's measuring how it's-","temperature":0,"avg_logprob":-0.221875,"compression_ratio":1.7866666666666666,"no_speech_prob":0.01097869873046875,"words":[]},{"start":1371.08,"end":1372.12,"text":" Because we don't know how many shares","temperature":0,"avg_logprob":-0.221875,"compression_ratio":1.7866666666666666,"no_speech_prob":0.01097869873046875,"words":[]},{"start":1372.12,"end":1374.24,"text":" equities have on this stock market,","temperature":0,"avg_logprob":-0.221875,"compression_ratio":1.7866666666666666,"no_speech_prob":0.01097869873046875,"words":[]},{"start":1374.24,"end":1377.04,"text":" which is an insane thing to not know.","temperature":0,"avg_logprob":-0.221875,"compression_ratio":1.7866666666666666,"no_speech_prob":0.01097869873046875,"words":[]},{"start":1377.04,"end":1378.76,"text":" Yeah, but the whole stock market,","temperature":0,"avg_logprob":-0.221875,"compression_ratio":1.7866666666666666,"no_speech_prob":0.01097869873046875,"words":[]},{"start":1378.76,"end":1380.4399999999998,"text":" you don't know how many shares there are.","temperature":0,"avg_logprob":-0.221875,"compression_ratio":1.7866666666666666,"no_speech_prob":0.01097869873046875,"words":[]},{"start":1380.4399999999998,"end":1381.4399999999998,"text":" It's hard.","temperature":0,"avg_logprob":-0.221875,"compression_ratio":1.7866666666666666,"no_speech_prob":0.01097869873046875,"words":[]},{"start":1381.4399999999998,"end":1384.24,"text":" I mean, so we've got different dashboards claiming different things.","temperature":0,"avg_logprob":-0.221875,"compression_ratio":1.7866666666666666,"no_speech_prob":0.01097869873046875,"words":[]},{"start":1384.24,"end":1385.56,"text":" And they're all pretty close.","temperature":0,"avg_logprob":-0.221875,"compression_ratio":1.7866666666666666,"no_speech_prob":0.01097869873046875,"words":[]},{"start":1385.56,"end":1388.24,"text":" This is actually the official sharp link dashboard","temperature":0,"avg_logprob":-0.221875,"compression_ratio":1.7866666666666666,"no_speech_prob":0.01097869873046875,"words":[]},{"start":1388.24,"end":1389.08,"text":" that they published.","temperature":0,"avg_logprob":-0.24113475177304963,"compression_ratio":1.5804195804195804,"no_speech_prob":0.00955963134765625,"words":[]},{"start":1389.08,"end":1390.68,"text":" This might not even be accurate.","temperature":0,"avg_logprob":-0.24113475177304963,"compression_ratio":1.5804195804195804,"no_speech_prob":0.00955963134765625,"words":[]},{"start":1390.68,"end":1393.96,"text":" But this is an MNAV of 0.84.","temperature":0,"avg_logprob":-0.24113475177304963,"compression_ratio":1.5804195804195804,"no_speech_prob":0.00955963134765625,"words":[]},{"start":1393.96,"end":1394.8,"text":" Okay?","temperature":0,"avg_logprob":-0.24113475177304963,"compression_ratio":1.5804195804195804,"no_speech_prob":0.00955963134765625,"words":[]},{"start":1394.8,"end":1397.56,"text":" So there's that, there's the strategic ETH reserve","temperature":0,"avg_logprob":-0.24113475177304963,"compression_ratio":1.5804195804195804,"no_speech_prob":0.00955963134765625,"words":[]},{"start":1397.56,"end":1400.48,"text":" is 0.87 blockworks with somewhere around there as well.","temperature":0,"avg_logprob":-0.24113475177304963,"compression_ratio":1.5804195804195804,"no_speech_prob":0.00955963134765625,"words":[]},{"start":1400.48,"end":1403.68,"text":" So different dashboards are giving you different numbers.","temperature":0,"avg_logprob":-0.24113475177304963,"compression_ratio":1.5804195804195804,"no_speech_prob":0.00955963134765625,"words":[]},{"start":1403.68,"end":1404.52,"text":" Here's another one.","temperature":0,"avg_logprob":-0.24113475177304963,"compression_ratio":1.5804195804195804,"no_speech_prob":0.00955963134765625,"words":[]},{"start":1404.52,"end":1405.96,"text":" That is a crazy.","temperature":0,"avg_logprob":-0.24113475177304963,"compression_ratio":1.5804195804195804,"no_speech_prob":0.00955963134765625,"words":[]},{"start":1405.96,"end":1408.2,"text":" It looks like it may be one, it might be one","temperature":0,"avg_logprob":-0.24113475177304963,"compression_ratio":1.5804195804195804,"no_speech_prob":0.00955963134765625,"words":[]},{"start":1408.2,"end":1411.44,"text":" or it might be under one at this point in time.","temperature":0,"avg_logprob":-0.24113475177304963,"compression_ratio":1.5804195804195804,"no_speech_prob":0.00955963134765625,"words":[]},{"start":1411.44,"end":1413.16,"text":" So what's your take on that?","temperature":0,"avg_logprob":-0.24113475177304963,"compression_ratio":1.5804195804195804,"no_speech_prob":0.00955963134765625,"words":[]},{"start":1413.16,"end":1416.16,"text":" I guess one thing it means is the ATMs,","temperature":0,"avg_logprob":-0.24113475177304963,"compression_ratio":1.5804195804195804,"no_speech_prob":0.00955963134765625,"words":[]},{"start":1416.16,"end":1418.96,"text":" the AT the market purchases where these treasury companies","temperature":0,"avg_logprob":-0.12359775641025642,"compression_ratio":1.7177914110429449,"no_speech_prob":0.0079345703125,"words":[]},{"start":1418.96,"end":1420.76,"text":" can basically dilute their shares","temperature":0,"avg_logprob":-0.12359775641025642,"compression_ratio":1.7177914110429449,"no_speech_prob":0.0079345703125,"words":[]},{"start":1420.76,"end":1422.44,"text":" in order to buy more ETH.","temperature":0,"avg_logprob":-0.12359775641025642,"compression_ratio":1.7177914110429449,"no_speech_prob":0.0079345703125,"words":[]},{"start":1422.44,"end":1424.0400000000002,"text":" They're not going to be able to do this anymore","temperature":0,"avg_logprob":-0.12359775641025642,"compression_ratio":1.7177914110429449,"no_speech_prob":0.0079345703125,"words":[]},{"start":1424.0400000000002,"end":1426.88,"text":" with MNAV at one or below one.","temperature":0,"avg_logprob":-0.12359775641025642,"compression_ratio":1.7177914110429449,"no_speech_prob":0.0079345703125,"words":[]},{"start":1426.88,"end":1429,"text":" So that's an obvious takeaway.","temperature":0,"avg_logprob":-0.12359775641025642,"compression_ratio":1.7177914110429449,"no_speech_prob":0.0079345703125,"words":[]},{"start":1429,"end":1430.76,"text":" Some of that buying has to stop.","temperature":0,"avg_logprob":-0.12359775641025642,"compression_ratio":1.7177914110429449,"no_speech_prob":0.0079345703125,"words":[]},{"start":1430.76,"end":1432.68,"text":" But what do you think about these treasury vehicles?","temperature":0,"avg_logprob":-0.12359775641025642,"compression_ratio":1.7177914110429449,"no_speech_prob":0.0079345703125,"words":[]},{"start":1432.68,"end":1434.3200000000002,"text":" Like, are you worried about this?","temperature":0,"avg_logprob":-0.12359775641025642,"compression_ratio":1.7177914110429449,"no_speech_prob":0.0079345703125,"words":[]},{"start":1434.3200000000002,"end":1436.5600000000002,"text":" Do you think that this is a buy?","temperature":0,"avg_logprob":-0.12359775641025642,"compression_ratio":1.7177914110429449,"no_speech_prob":0.0079345703125,"words":[]},{"start":1436.5600000000002,"end":1438.3200000000002,"text":" I think we need more data really just","temperature":0,"avg_logprob":-0.12359775641025642,"compression_ratio":1.7177914110429449,"no_speech_prob":0.0079345703125,"words":[]},{"start":1438.3200000000002,"end":1439.4,"text":" with the ETH treasury companies","temperature":0,"avg_logprob":-0.12359775641025642,"compression_ratio":1.7177914110429449,"no_speech_prob":0.0079345703125,"words":[]},{"start":1439.4,"end":1440.8000000000002,"text":" because it's still such a new phenomenon.","temperature":0,"avg_logprob":-0.12359775641025642,"compression_ratio":1.7177914110429449,"no_speech_prob":0.0079345703125,"words":[]},{"start":1440.8000000000002,"end":1442.5600000000002,"text":" But my current understanding of MNAV","temperature":0,"avg_logprob":-0.12359775641025642,"compression_ratio":1.7177914110429449,"no_speech_prob":0.0079345703125,"words":[]},{"start":1442.5600000000002,"end":1444.64,"text":" is it's kind of an oscillator","temperature":0,"avg_logprob":-0.12359775641025642,"compression_ratio":1.7177914110429449,"no_speech_prob":0.0079345703125,"words":[]},{"start":1444.64,"end":1447.5600000000002,"text":" in the sense that it will oscillate above","temperature":0,"avg_logprob":-0.1892510775862069,"compression_ratio":1.6072874493927125,"no_speech_prob":0.0006561279296875,"words":[]},{"start":1447.5600000000002,"end":1451.2800000000002,"text":" and I guess also now below one.","temperature":0,"avg_logprob":-0.1892510775862069,"compression_ratio":1.6072874493927125,"no_speech_prob":0.0006561279296875,"words":[]},{"start":1451.2800000000002,"end":1454.92,"text":" And it'll oscillate around kind of like retail sentiment,","temperature":0,"avg_logprob":-0.1892510775862069,"compression_ratio":1.6072874493927125,"no_speech_prob":0.0006561279296875,"words":[]},{"start":1454.92,"end":1457.6000000000001,"text":" retail froth around ETH through the asset.","temperature":0,"avg_logprob":-0.1892510775862069,"compression_ratio":1.6072874493927125,"no_speech_prob":0.0006561279296875,"words":[]},{"start":1457.6000000000001,"end":1460.16,"text":" And so one potential path forward","temperature":0,"avg_logprob":-0.1892510775862069,"compression_ratio":1.6072874493927125,"no_speech_prob":0.0006561279296875,"words":[]},{"start":1460.16,"end":1462,"text":" is like maybe we do this whole","temperature":0,"avg_logprob":-0.1892510775862069,"compression_ratio":1.6072874493927125,"no_speech_prob":0.0006561279296875,"words":[]},{"start":1462,"end":1464.24,"text":" down-tember October thing.","temperature":0,"avg_logprob":-0.1892510775862069,"compression_ratio":1.6072874493927125,"no_speech_prob":0.0006561279296875,"words":[]},{"start":1464.24,"end":1466.5200000000002,"text":" Maybe MNAVs even go way lower.","temperature":0,"avg_logprob":-0.1892510775862069,"compression_ratio":1.6072874493927125,"no_speech_prob":0.0006561279296875,"words":[]},{"start":1466.5200000000002,"end":1468.24,"text":" Maybe they go to 0.8 or something","temperature":0,"avg_logprob":-0.1892510775862069,"compression_ratio":1.6072874493927125,"no_speech_prob":0.0006561279296875,"words":[]},{"start":1468.24,"end":1469.64,"text":" and everyone gets wrecked.","temperature":0,"avg_logprob":-0.1892510775862069,"compression_ratio":1.6072874493927125,"no_speech_prob":0.0006561279296875,"words":[]},{"start":1469.64,"end":1471.76,"text":" But then ETH goes into price discovery","temperature":0,"avg_logprob":-0.1892510775862069,"compression_ratio":1.6072874493927125,"no_speech_prob":0.0006561279296875,"words":[]},{"start":1471.76,"end":1476.72,"text":" and MNAVs go back up to 1.2, 1.5, maybe even two.","temperature":0,"avg_logprob":-0.15677083333333333,"compression_ratio":1.641304347826087,"no_speech_prob":0.008575439453125,"words":[]},{"start":1476.72,"end":1478.56,"text":" And it just oscillates back up","temperature":0,"avg_logprob":-0.15677083333333333,"compression_ratio":1.641304347826087,"no_speech_prob":0.008575439453125,"words":[]},{"start":1478.56,"end":1480.92,"text":" and it's kind of just like a,","temperature":0,"avg_logprob":-0.15677083333333333,"compression_ratio":1.641304347826087,"no_speech_prob":0.008575439453125,"words":[]},{"start":1480.92,"end":1482.16,"text":" it just overshoot sentiment.","temperature":0,"avg_logprob":-0.15677083333333333,"compression_ratio":1.641304347826087,"no_speech_prob":0.008575439453125,"words":[]},{"start":1482.16,"end":1484.44,"text":" It's a sentiment checker on steroids.","temperature":0,"avg_logprob":-0.15677083333333333,"compression_ratio":1.641304347826087,"no_speech_prob":0.008575439453125,"words":[]},{"start":1484.44,"end":1486.64,"text":" And so if retail is bullish ETH,","temperature":0,"avg_logprob":-0.15677083333333333,"compression_ratio":1.641304347826087,"no_speech_prob":0.008575439453125,"words":[]},{"start":1486.64,"end":1489.28,"text":" then MNAVs go to two","temperature":0,"avg_logprob":-0.15677083333333333,"compression_ratio":1.641304347826087,"no_speech_prob":0.008575439453125,"words":[]},{"start":1489.28,"end":1491.6,"text":" and then all of a sudden more ETH goes on the balance sheet.","temperature":0,"avg_logprob":-0.15677083333333333,"compression_ratio":1.641304347826087,"no_speech_prob":0.008575439453125,"words":[]},{"start":1491.6,"end":1493.8,"text":" And right now we're just in a depressed state.","temperature":0,"avg_logprob":-0.15677083333333333,"compression_ratio":1.641304347826087,"no_speech_prob":0.008575439453125,"words":[]},{"start":1493.8,"end":1495.84,"text":" There was a lot of froth like last month","temperature":0,"avg_logprob":-0.15677083333333333,"compression_ratio":1.641304347826087,"no_speech_prob":0.008575439453125,"words":[]},{"start":1495.84,"end":1498.2,"text":" and now everyone's like, okay, let's check","temperature":0,"avg_logprob":-0.15677083333333333,"compression_ratio":1.641304347826087,"no_speech_prob":0.008575439453125,"words":[]},{"start":1498.2,"end":1499.92,"text":" if we're all still good here.","temperature":0,"avg_logprob":-0.15677083333333333,"compression_ratio":1.641304347826087,"no_speech_prob":0.008575439453125,"words":[]},{"start":1499.92,"end":1502.72,"text":" And let's let the tide go out a little bit.","temperature":0,"avg_logprob":-0.2722039473684211,"compression_ratio":1.6279683377308707,"no_speech_prob":0.0013456344604492188,"words":[]},{"start":1502.72,"end":1503.8000000000002,"text":" Everyone's still wearing shorts.","temperature":0,"avg_logprob":-0.2722039473684211,"compression_ratio":1.6279683377308707,"no_speech_prob":0.0013456344604492188,"words":[]},{"start":1503.8000000000002,"end":1504.64,"text":" Okay, we're good.","temperature":0,"avg_logprob":-0.2722039473684211,"compression_ratio":1.6279683377308707,"no_speech_prob":0.0013456344604492188,"words":[]},{"start":1504.64,"end":1506.4,"text":" All right, let's send it back up.","temperature":0,"avg_logprob":-0.2722039473684211,"compression_ratio":1.6279683377308707,"no_speech_prob":0.0013456344604492188,"words":[]},{"start":1506.4,"end":1508.2,"text":" And I kind of feel like that's where we are.","temperature":0,"avg_logprob":-0.2722039473684211,"compression_ratio":1.6279683377308707,"no_speech_prob":0.0013456344604492188,"words":[]},{"start":1508.2,"end":1509.16,"text":" Well, if that's the case,","temperature":0,"avg_logprob":-0.2722039473684211,"compression_ratio":1.6279683377308707,"no_speech_prob":0.0013456344604492188,"words":[]},{"start":1509.16,"end":1510,"text":" if you write about that,","temperature":0,"avg_logprob":-0.2722039473684211,"compression_ratio":1.6279683377308707,"no_speech_prob":0.0013456344604492188,"words":[]},{"start":1510,"end":1512.1200000000001,"text":" then it does seem like some of these treasury companies","temperature":0,"avg_logprob":-0.2722039473684211,"compression_ratio":1.6279683377308707,"no_speech_prob":0.0013456344604492188,"words":[]},{"start":1512.1200000000001,"end":1514.44,"text":" below one could be a big buying opportunity.","temperature":0,"avg_logprob":-0.2722039473684211,"compression_ratio":1.6279683377308707,"no_speech_prob":0.0013456344604492188,"words":[]},{"start":1514.44,"end":1515.28,"text":" I would say yes.","temperature":0,"avg_logprob":-0.2722039473684211,"compression_ratio":1.6279683377308707,"no_speech_prob":0.0013456344604492188,"words":[]},{"start":1515.28,"end":1517.96,"text":" And I spoke to Joseph Shalom from BlackRock last year.","temperature":0,"avg_logprob":-0.2722039473684211,"compression_ratio":1.6279683377308707,"no_speech_prob":0.0013456344604492188,"words":[]},{"start":1517.96,"end":1519.1200000000001,"text":" I don't know if you guys really get episode.","temperature":0,"avg_logprob":-0.2722039473684211,"compression_ratio":1.6279683377308707,"no_speech_prob":0.0013456344604492188,"words":[]},{"start":1519.1200000000001,"end":1520.1200000000001,"text":" You caught up with that?","temperature":0,"avg_logprob":-0.2722039473684211,"compression_ratio":1.6279683377308707,"no_speech_prob":0.0013456344604492188,"words":[]},{"start":1520.1200000000001,"end":1522.04,"text":" These guys are long-term oriented.","temperature":0,"avg_logprob":-0.2722039473684211,"compression_ratio":1.6279683377308707,"no_speech_prob":0.0013456344604492188,"words":[]},{"start":1522.04,"end":1524.1200000000001,"text":" Joseph Lubin, he's been holding ETH forever, right?","temperature":0,"avg_logprob":-0.2722039473684211,"compression_ratio":1.6279683377308707,"no_speech_prob":0.0013456344604492188,"words":[]},{"start":1524.1200000000001,"end":1526.64,"text":" And yeah, the two bald Joe's, man,","temperature":0,"avg_logprob":-0.2722039473684211,"compression_ratio":1.6279683377308707,"no_speech_prob":0.0013456344604492188,"words":[]},{"start":1526.64,"end":1528.1200000000001,"text":" they're gonna get us there.","temperature":0,"avg_logprob":-0.2722039473684211,"compression_ratio":1.6279683377308707,"no_speech_prob":0.0013456344604492188,"words":[]},{"start":1528.16,"end":1529.0800000000002,"text":" Another thing that's happening","temperature":0,"avg_logprob":-0.2010343309859155,"compression_ratio":1.675,"no_speech_prob":0.023681640625,"words":[]},{"start":1529.0800000000002,"end":1530.38,"text":" with ETH treasury companies,","temperature":0,"avg_logprob":-0.2010343309859155,"compression_ratio":1.675,"no_speech_prob":0.023681640625,"words":[]},{"start":1530.38,"end":1532.8400000000001,"text":" ETH Zilla, where I think that's number four,","temperature":0,"avg_logprob":-0.2010343309859155,"compression_ratio":1.675,"no_speech_prob":0.023681640625,"words":[]},{"start":1532.8400000000001,"end":1534.64,"text":" think the largest ETH treasury company,","temperature":0,"avg_logprob":-0.2010343309859155,"compression_ratio":1.675,"no_speech_prob":0.023681640625,"words":[]},{"start":1534.64,"end":1537.16,"text":" they are deploying 100 million into DeFi.","temperature":0,"avg_logprob":-0.2010343309859155,"compression_ratio":1.675,"no_speech_prob":0.023681640625,"words":[]},{"start":1537.16,"end":1539.24,"text":" They're putting it into ETHERFI.","temperature":0,"avg_logprob":-0.2010343309859155,"compression_ratio":1.675,"no_speech_prob":0.023681640625,"words":[]},{"start":1539.24,"end":1541.16,"text":" The reason why Ethereum is so cool is","temperature":0,"avg_logprob":-0.2010343309859155,"compression_ratio":1.675,"no_speech_prob":0.023681640625,"words":[]},{"start":1541.16,"end":1543.3200000000002,"text":" because you can buy the asset","temperature":0,"avg_logprob":-0.2010343309859155,"compression_ratio":1.675,"no_speech_prob":0.023681640625,"words":[]},{"start":1543.3200000000002,"end":1545.88,"text":" and you can recirculate it into the economy","temperature":0,"avg_logprob":-0.2010343309859155,"compression_ratio":1.675,"no_speech_prob":0.023681640625,"words":[]},{"start":1545.88,"end":1547.5200000000002,"text":" that supports the asset.","temperature":0,"avg_logprob":-0.2010343309859155,"compression_ratio":1.675,"no_speech_prob":0.023681640625,"words":[]},{"start":1547.5200000000002,"end":1550.48,"text":" ETHERFI's got 11 billion, TVL.","temperature":0,"avg_logprob":-0.2010343309859155,"compression_ratio":1.675,"no_speech_prob":0.023681640625,"words":[]},{"start":1550.48,"end":1553.96,"text":" It's what is the largest re-staker.","temperature":0,"avg_logprob":-0.2010343309859155,"compression_ratio":1.675,"no_speech_prob":0.023681640625,"words":[]},{"start":1553.96,"end":1556.48,"text":" And I just love the fact that we can actually","temperature":0,"avg_logprob":-0.2010343309859155,"compression_ratio":1.675,"no_speech_prob":0.023681640625,"words":[]},{"start":1556.48,"end":1557.6,"text":" repurpose our capital.","temperature":0,"avg_logprob":-0.18584656084656084,"compression_ratio":1.7122093023255813,"no_speech_prob":0.039031982421875,"words":[]},{"start":1557.6,"end":1560,"text":" That's why ETHER is so excellent as an asset","temperature":0,"avg_logprob":-0.18584656084656084,"compression_ratio":1.7122093023255813,"no_speech_prob":0.039031982421875,"words":[]},{"start":1560,"end":1561.72,"text":" is the capital efficiency.","temperature":0,"avg_logprob":-0.18584656084656084,"compression_ratio":1.7122093023255813,"no_speech_prob":0.039031982421875,"words":[]},{"start":1561.72,"end":1564.52,"text":" You can buy it and then you can do things with it","temperature":0,"avg_logprob":-0.18584656084656084,"compression_ratio":1.7122093023255813,"no_speech_prob":0.039031982421875,"words":[]},{"start":1564.52,"end":1565.3600000000001,"text":" to get more yield.","temperature":0,"avg_logprob":-0.18584656084656084,"compression_ratio":1.7122093023255813,"no_speech_prob":0.039031982421875,"words":[]},{"start":1565.3600000000001,"end":1566.44,"text":" Why are they putting it into ETHERFI?","temperature":0,"avg_logprob":-0.18584656084656084,"compression_ratio":1.7122093023255813,"no_speech_prob":0.039031982421875,"words":[]},{"start":1566.44,"end":1568.16,"text":" Because ETHERFI gives you some of the best yield","temperature":0,"avg_logprob":-0.18584656084656084,"compression_ratio":1.7122093023255813,"no_speech_prob":0.039031982421875,"words":[]},{"start":1568.16,"end":1570.08,"text":" on your ETH.","temperature":0,"avg_logprob":-0.18584656084656084,"compression_ratio":1.7122093023255813,"no_speech_prob":0.039031982421875,"words":[]},{"start":1570.08,"end":1571.76,"text":" And yeah, so that's pretty cool.","temperature":0,"avg_logprob":-0.18584656084656084,"compression_ratio":1.7122093023255813,"no_speech_prob":0.039031982421875,"words":[]},{"start":1571.76,"end":1572.96,"text":" That makes sense to me.","temperature":0,"avg_logprob":-0.18584656084656084,"compression_ratio":1.7122093023255813,"no_speech_prob":0.039031982421875,"words":[]},{"start":1572.96,"end":1575.8,"text":" In addition to that speaking of ETHERFI,","temperature":0,"avg_logprob":-0.18584656084656084,"compression_ratio":1.7122093023255813,"no_speech_prob":0.039031982421875,"words":[]},{"start":1575.8,"end":1577.48,"text":" they're kind of having a moment right now.","temperature":0,"avg_logprob":-0.18584656084656084,"compression_ratio":1.7122093023255813,"no_speech_prob":0.039031982421875,"words":[]},{"start":1577.48,"end":1579,"text":" So ETHERFI also has a credit card.","temperature":0,"avg_logprob":-0.18584656084656084,"compression_ratio":1.7122093023255813,"no_speech_prob":0.039031982421875,"words":[]},{"start":1579,"end":1580.32,"text":" So you can deposit ETH into,","temperature":0,"avg_logprob":-0.18584656084656084,"compression_ratio":1.7122093023255813,"no_speech_prob":0.039031982421875,"words":[]},{"start":1580.32,"end":1582.3600000000001,"text":" or like, say, blows into your ETHERFI ball.","temperature":0,"avg_logprob":-0.18584656084656084,"compression_ratio":1.7122093023255813,"no_speech_prob":0.039031982421875,"words":[]},{"start":1582.3600000000001,"end":1584.48,"text":" It gets yield kind of similar to like urine","temperature":0,"avg_logprob":-0.18584656084656084,"compression_ratio":1.7122093023255813,"no_speech_prob":0.039031982421875,"words":[]},{"start":1584.48,"end":1586.04,"text":" back in the day if you remember.","temperature":0,"avg_logprob":-0.18584656084656084,"compression_ratio":1.7122093023255813,"no_speech_prob":0.039031982421875,"words":[]},{"start":1586.08,"end":1587.8,"text":" But then you can swipe your ETHERFI credit card","temperature":0,"avg_logprob":-0.20814043209876543,"compression_ratio":1.7763157894736843,"no_speech_prob":0.0005192756652832031,"words":[]},{"start":1587.8,"end":1591.3999999999999,"text":" and it spends the money straight out of your accounts on chain.","temperature":0,"avg_logprob":-0.20814043209876543,"compression_ratio":1.7763157894736843,"no_speech_prob":0.0005192756652832031,"words":[]},{"start":1591.3999999999999,"end":1592.3999999999999,"text":" So that's pretty sick.","temperature":0,"avg_logprob":-0.20814043209876543,"compression_ratio":1.7763157894736843,"no_speech_prob":0.0005192756652832031,"words":[]},{"start":1592.3999999999999,"end":1594.04,"text":" So you're bypassing a bank altogether.","temperature":0,"avg_logprob":-0.20814043209876543,"compression_ratio":1.7763157894736843,"no_speech_prob":0.0005192756652832031,"words":[]},{"start":1594.04,"end":1595.24,"text":" Bypassing a bank, yep.","temperature":0,"avg_logprob":-0.20814043209876543,"compression_ratio":1.7763157894736843,"no_speech_prob":0.0005192756652832031,"words":[]},{"start":1595.24,"end":1597.44,"text":" It goes, it's just straight noncosodial on chain.","temperature":0,"avg_logprob":-0.20814043209876543,"compression_ratio":1.7763157894736843,"no_speech_prob":0.0005192756652832031,"words":[]},{"start":1597.44,"end":1598.44,"text":" Pretty sick.","temperature":0,"avg_logprob":-0.20814043209876543,"compression_ratio":1.7763157894736843,"no_speech_prob":0.0005192756652832031,"words":[]},{"start":1598.44,"end":1600.56,"text":" Apparently Brazilians figured this out.","temperature":0,"avg_logprob":-0.20814043209876543,"compression_ratio":1.7763157894736843,"no_speech_prob":0.0005192756652832031,"words":[]},{"start":1600.56,"end":1603.6399999999999,"text":" And Brazilians signups for ETHERFI credit card","temperature":0,"avg_logprob":-0.20814043209876543,"compression_ratio":1.7763157894736843,"no_speech_prob":0.0005192756652832031,"words":[]},{"start":1603.6399999999999,"end":1605.44,"text":" is just like up and to the right.","temperature":0,"avg_logprob":-0.20814043209876543,"compression_ratio":1.7763157894736843,"no_speech_prob":0.0005192756652832031,"words":[]},{"start":1605.44,"end":1608.6,"text":" And this is basically like just a huge revenue stream","temperature":0,"avg_logprob":-0.20814043209876543,"compression_ratio":1.7763157894736843,"no_speech_prob":0.0005192756652832031,"words":[]},{"start":1608.6,"end":1609.92,"text":" for ETHERFI.","temperature":0,"avg_logprob":-0.20814043209876543,"compression_ratio":1.7763157894736843,"no_speech_prob":0.0005192756652832031,"words":[]},{"start":1609.92,"end":1611.96,"text":" So congrats to the ETHERFI team on the success.","temperature":0,"avg_logprob":-0.20814043209876543,"compression_ratio":1.7763157894736843,"no_speech_prob":0.0005192756652832031,"words":[]},{"start":1611.96,"end":1613.96,"text":" Like seeing actual adoption of their product","temperature":0,"avg_logprob":-0.20814043209876543,"compression_ratio":1.7763157894736843,"no_speech_prob":0.0005192756652832031,"words":[]},{"start":1613.96,"end":1617.48,"text":" plus deposits from ETHERFI companies is pretty cool.","temperature":0,"avg_logprob":-0.2141411870503597,"compression_ratio":1.6423611111111112,"no_speech_prob":0.02716064453125,"words":[]},{"start":1617.48,"end":1620.04,"text":" Well, all these ETHERFI companies are looking for yield.","temperature":0,"avg_logprob":-0.2141411870503597,"compression_ratio":1.6423611111111112,"no_speech_prob":0.02716064453125,"words":[]},{"start":1620.04,"end":1622.8400000000001,"text":" It's hard not to think this is going to cause a DeFi","temperature":0,"avg_logprob":-0.2141411870503597,"compression_ratio":1.6423611111111112,"no_speech_prob":0.02716064453125,"words":[]},{"start":1622.8400000000001,"end":1624.8,"text":" and Ethereum DeFi echo boom","temperature":0,"avg_logprob":-0.2141411870503597,"compression_ratio":1.6423611111111112,"no_speech_prob":0.02716064453125,"words":[]},{"start":1624.8,"end":1627.52,"text":" as some of these large treasuries go and look for yield.","temperature":0,"avg_logprob":-0.2141411870503597,"compression_ratio":1.6423611111111112,"no_speech_prob":0.02716064453125,"words":[]},{"start":1627.52,"end":1631,"text":" On that, Lido, David, I don't know if you notice this Lido,","temperature":0,"avg_logprob":-0.2141411870503597,"compression_ratio":1.6423611111111112,"no_speech_prob":0.02716064453125,"words":[]},{"start":1631,"end":1633.24,"text":" they launched a new Earn product this week,","temperature":0,"avg_logprob":-0.2141411870503597,"compression_ratio":1.6423611111111112,"no_speech_prob":0.02716064453125,"words":[]},{"start":1633.24,"end":1634.3600000000001,"text":" which is kind of cool.","temperature":0,"avg_logprob":-0.2141411870503597,"compression_ratio":1.6423611111111112,"no_speech_prob":0.02716064453125,"words":[]},{"start":1634.3600000000001,"end":1636.72,"text":" So this is them kind of going up market.","temperature":0,"avg_logprob":-0.2141411870503597,"compression_ratio":1.6423611111111112,"no_speech_prob":0.02716064453125,"words":[]},{"start":1636.72,"end":1640.96,"text":" And it's basically blue chip Earn potential for your ETH.","temperature":0,"avg_logprob":-0.2141411870503597,"compression_ratio":1.6423611111111112,"no_speech_prob":0.02716064453125,"words":[]},{"start":1640.96,"end":1644.04,"text":" So this like thing is called Lido DVV.","temperature":0,"avg_logprob":-0.2085987261146497,"compression_ratio":1.6161290322580646,"no_speech_prob":0.0018672943115234375,"words":[]},{"start":1644.04,"end":1648.76,"text":" And it gives you 4.5% APR on your ETH.","temperature":0,"avg_logprob":-0.2085987261146497,"compression_ratio":1.6161290322580646,"no_speech_prob":0.0018672943115234375,"words":[]},{"start":1648.76,"end":1651.44,"text":" And it kind of distributes it to blue chip DeFi, essentially.","temperature":0,"avg_logprob":-0.2085987261146497,"compression_ratio":1.6161290322580646,"no_speech_prob":0.0018672943115234375,"words":[]},{"start":1651.44,"end":1653.4,"text":" So with one click button, you can get that yield.","temperature":0,"avg_logprob":-0.2085987261146497,"compression_ratio":1.6161290322580646,"no_speech_prob":0.0018672943115234375,"words":[]},{"start":1653.4,"end":1656.16,"text":" So I think blue chip ETHERFI is going to be a big thing","temperature":0,"avg_logprob":-0.2085987261146497,"compression_ratio":1.6161290322580646,"no_speech_prob":0.0018672943115234375,"words":[]},{"start":1656.16,"end":1657.8400000000001,"text":" to what be yield, yield, yield.","temperature":0,"avg_logprob":-0.2085987261146497,"compression_ratio":1.6161290322580646,"no_speech_prob":0.0018672943115234375,"words":[]},{"start":1657.8400000000001,"end":1658.68,"text":" Yeah.","temperature":0,"avg_logprob":-0.2085987261146497,"compression_ratio":1.6161290322580646,"no_speech_prob":0.0018672943115234375,"words":[]},{"start":1658.68,"end":1660.2,"text":" Something that's also happening strategy.","temperature":0,"avg_logprob":-0.2085987261146497,"compression_ratio":1.6161290322580646,"no_speech_prob":0.0018672943115234375,"words":[]},{"start":1660.2,"end":1662.3600000000001,"text":" I'm going to put my eyes on strategy right now.","temperature":0,"avg_logprob":-0.2085987261146497,"compression_ratio":1.6161290322580646,"no_speech_prob":0.0018672943115234375,"words":[]},{"start":1662.3600000000001,"end":1665.52,"text":" Looking at a potential inclusion into the S&P 500,","temperature":0,"avg_logprob":-0.2085987261146497,"compression_ratio":1.6161290322580646,"no_speech_prob":0.0018672943115234375,"words":[]},{"start":1665.52,"end":1667.8400000000001,"text":" which is the end case.","temperature":0,"avg_logprob":-0.2085987261146497,"compression_ratio":1.6161290322580646,"no_speech_prob":0.0018672943115234375,"words":[]},{"start":1667.8400000000001,"end":1668.8400000000001,"text":" That's free money.","temperature":0,"avg_logprob":-0.2085987261146497,"compression_ratio":1.6161290322580646,"no_speech_prob":0.0018672943115234375,"words":[]},{"start":1668.8400000000001,"end":1670.6000000000001,"text":" That's for all treasury companies.","temperature":0,"avg_logprob":-0.2085987261146497,"compression_ratio":1.6161290322580646,"no_speech_prob":0.0018672943115234375,"words":[]},{"start":1670.6000000000001,"end":1673.88,"text":" If you get into the S&P 500, you just","temperature":0,"avg_logprob":-0.2561141304347826,"compression_ratio":1.6962457337883958,"no_speech_prob":0.00359344482421875,"words":[]},{"start":1673.88,"end":1676.44,"text":" have the permanent, infinite bid.","temperature":0,"avg_logprob":-0.2561141304347826,"compression_ratio":1.6962457337883958,"no_speech_prob":0.00359344482421875,"words":[]},{"start":1676.44,"end":1679.4800000000002,"text":" If you're a hardcore Bitcoiner, which I definitely","temperature":0,"avg_logprob":-0.2561141304347826,"compression_ratio":1.6962457337883958,"no_speech_prob":0.00359344482421875,"words":[]},{"start":1679.4800000000002,"end":1681.0400000000002,"text":" appreciate these perspectives at times,","temperature":0,"avg_logprob":-0.2561141304347826,"compression_ratio":1.6962457337883958,"no_speech_prob":0.00359344482421875,"words":[]},{"start":1681.0400000000002,"end":1683.1200000000001,"text":" you kind of understand MicroStrategy is like an attack","temperature":0,"avg_logprob":-0.2561141304347826,"compression_ratio":1.6962457337883958,"no_speech_prob":0.00359344482421875,"words":[]},{"start":1683.1200000000001,"end":1685.8400000000001,"text":" on the United States dollar, just short the dollar","temperature":0,"avg_logprob":-0.2561141304347826,"compression_ratio":1.6962457337883958,"no_speech_prob":0.00359344482421875,"words":[]},{"start":1685.8400000000001,"end":1688.44,"text":" as much as possible, long Bitcoin as much as possible.","temperature":0,"avg_logprob":-0.2561141304347826,"compression_ratio":1.6962457337883958,"no_speech_prob":0.00359344482421875,"words":[]},{"start":1688.44,"end":1690.5200000000002,"text":" And if you get into the S&P 500,","temperature":0,"avg_logprob":-0.2561141304347826,"compression_ratio":1.6962457337883958,"no_speech_prob":0.00359344482421875,"words":[]},{"start":1690.5200000000002,"end":1694.44,"text":" you get a free flow of capital to continue showing the dollar.","temperature":0,"avg_logprob":-0.2561141304347826,"compression_ratio":1.6962457337883958,"no_speech_prob":0.00359344482421875,"words":[]},{"start":1694.44,"end":1696.16,"text":" It's just all that passive yield.","temperature":0,"avg_logprob":-0.2561141304347826,"compression_ratio":1.6962457337883958,"no_speech_prob":0.00359344482421875,"words":[]},{"start":1696.16,"end":1698.3200000000002,"text":" I don't know if you can capture it in 401K,","temperature":0,"avg_logprob":-0.2561141304347826,"compression_ratio":1.6962457337883958,"no_speech_prob":0.00359344482421875,"words":[]},{"start":1698.32,"end":1700.4399999999998,"text":" because you're in all of the funds.","temperature":0,"avg_logprob":-0.23351226993865032,"compression_ratio":1.6575757575757575,"no_speech_prob":0.0027141571044921875,"words":[]},{"start":1700.4399999999998,"end":1703.04,"text":" Some people have to buy MicroStrategy.","temperature":0,"avg_logprob":-0.23351226993865032,"compression_ratio":1.6575757575757575,"no_speech_prob":0.0027141571044921875,"words":[]},{"start":1703.04,"end":1704.6399999999999,"text":" And what does Michael Saylor do?","temperature":0,"avg_logprob":-0.23351226993865032,"compression_ratio":1.6575757575757575,"no_speech_prob":0.0027141571044921875,"words":[]},{"start":1704.6399999999999,"end":1707.28,"text":" He translates the value of the MSCR stock","temperature":0,"avg_logprob":-0.23351226993865032,"compression_ratio":1.6575757575757575,"no_speech_prob":0.0027141571044921875,"words":[]},{"start":1707.28,"end":1708.8,"text":" into Bitcoin on the balance sheet.","temperature":0,"avg_logprob":-0.23351226993865032,"compression_ratio":1.6575757575757575,"no_speech_prob":0.0027141571044921875,"words":[]},{"start":1708.8,"end":1712.4399999999998,"text":" And if you're in the S&P 500, you just have free flows","temperature":0,"avg_logprob":-0.23351226993865032,"compression_ratio":1.6575757575757575,"no_speech_prob":0.0027141571044921875,"words":[]},{"start":1712.4399999999998,"end":1715.52,"text":" to constantly reload your ammo to buy more Bitcoin.","temperature":0,"avg_logprob":-0.23351226993865032,"compression_ratio":1.6575757575757575,"no_speech_prob":0.0027141571044921875,"words":[]},{"start":1715.52,"end":1716.04,"text":" Yeah.","temperature":0,"avg_logprob":-0.23351226993865032,"compression_ratio":1.6575757575757575,"no_speech_prob":0.0027141571044921875,"words":[]},{"start":1716.04,"end":1717.24,"text":" This is the end game for all treasuries.","temperature":0,"avg_logprob":-0.23351226993865032,"compression_ratio":1.6575757575757575,"no_speech_prob":0.0027141571044921875,"words":[]},{"start":1717.24,"end":1719.12,"text":" MicroStrategy is almost there.","temperature":0,"avg_logprob":-0.23351226993865032,"compression_ratio":1.6575757575757575,"no_speech_prob":0.0027141571044921875,"words":[]},{"start":1719.12,"end":1720.52,"text":" And East Treasurer could get there someday.","temperature":0,"avg_logprob":-0.23351226993865032,"compression_ratio":1.6575757575757575,"no_speech_prob":0.0027141571044921875,"words":[]},{"start":1720.52,"end":1722.8799999999999,"text":" I mean, before you get to S&P, you get to like wrestle,","temperature":0,"avg_logprob":-0.23351226993865032,"compression_ratio":1.6575757575757575,"no_speech_prob":0.0027141571044921875,"words":[]},{"start":1722.8799999999999,"end":1725.56,"text":" which is another index of like what is, I don't know,","temperature":0,"avg_logprob":-0.23351226993865032,"compression_ratio":1.6575757575757575,"no_speech_prob":0.0027141571044921875,"words":[]},{"start":1725.56,"end":1726.76,"text":" thousands of companies.","temperature":0,"avg_logprob":-0.23351226993865032,"compression_ratio":1.6575757575757575,"no_speech_prob":0.0027141571044921875,"words":[]},{"start":1726.8,"end":1728.44,"text":" So they're all trying to get into these indices.","temperature":0,"avg_logprob":-0.19934640522875818,"compression_ratio":1.6887417218543046,"no_speech_prob":0.0023956298828125,"words":[]},{"start":1728.44,"end":1730.8,"text":" That's why it's a power law winning game as well.","temperature":0,"avg_logprob":-0.19934640522875818,"compression_ratio":1.6887417218543046,"no_speech_prob":0.0023956298828125,"words":[]},{"start":1730.8,"end":1733.08,"text":" David, the NASDAQ looks like it's tightening.","temperature":0,"avg_logprob":-0.19934640522875818,"compression_ratio":1.6887417218543046,"no_speech_prob":0.0023956298828125,"words":[]},{"start":1733.08,"end":1736,"text":" Some of it's disclosure requirements for DATS though.","temperature":0,"avg_logprob":-0.19934640522875818,"compression_ratio":1.6887417218543046,"no_speech_prob":0.0023956298828125,"words":[]},{"start":1736.8799999999999,"end":1738.08,"text":" I think they are very aware","temperature":0,"avg_logprob":-0.19934640522875818,"compression_ratio":1.6887417218543046,"no_speech_prob":0.0023956298828125,"words":[]},{"start":1738.08,"end":1740.8,"text":" that there is a DAT bubble happening.","temperature":0,"avg_logprob":-0.19934640522875818,"compression_ratio":1.6887417218543046,"no_speech_prob":0.0023956298828125,"words":[]},{"start":1740.8,"end":1742.84,"text":" There are quite a lot of DATS","temperature":0,"avg_logprob":-0.19934640522875818,"compression_ratio":1.6887417218543046,"no_speech_prob":0.0023956298828125,"words":[]},{"start":1742.84,"end":1744.68,"text":" and they're, we're going down the long tail","temperature":0,"avg_logprob":-0.19934640522875818,"compression_ratio":1.6887417218543046,"no_speech_prob":0.0023956298828125,"words":[]},{"start":1744.68,"end":1746.6,"text":" of the shitty assets in crypto.","temperature":0,"avg_logprob":-0.19934640522875818,"compression_ratio":1.6887417218543046,"no_speech_prob":0.0023956298828125,"words":[]},{"start":1746.6,"end":1747.8799999999999,"text":" And they're getting DATS.","temperature":0,"avg_logprob":-0.19934640522875818,"compression_ratio":1.6887417218543046,"no_speech_prob":0.0023956298828125,"words":[]},{"start":1747.8799999999999,"end":1749.8799999999999,"text":" Like story protocol is getting a DAT.","temperature":0,"avg_logprob":-0.19934640522875818,"compression_ratio":1.6887417218543046,"no_speech_prob":0.0023956298828125,"words":[]},{"start":1749.8799999999999,"end":1750.72,"text":" Yeah.","temperature":0,"avg_logprob":-0.19934640522875818,"compression_ratio":1.6887417218543046,"no_speech_prob":0.0023956298828125,"words":[]},{"start":1750.72,"end":1751.64,"text":" So the headline reads,","temperature":0,"avg_logprob":-0.19934640522875818,"compression_ratio":1.6887417218543046,"no_speech_prob":0.0023956298828125,"words":[]},{"start":1751.64,"end":1753.84,"text":" the NASDAQ is tightening scrutiny of companies","temperature":0,"avg_logprob":-0.19934640522875818,"compression_ratio":1.6887417218543046,"no_speech_prob":0.0023956298828125,"words":[]},{"start":1753.8400000000001,"end":1755.92,"text":" raising cash to buy crypto.","temperature":0,"avg_logprob":-0.2021780303030303,"compression_ratio":1.6579804560260587,"no_speech_prob":0.05181884765625,"words":[]},{"start":1755.92,"end":1758.44,"text":" They are beginning to require shareholder votes","temperature":0,"avg_logprob":-0.2021780303030303,"compression_ratio":1.6579804560260587,"no_speech_prob":0.05181884765625,"words":[]},{"start":1758.44,"end":1762.16,"text":" for some deals and pushing for more disclosures.","temperature":0,"avg_logprob":-0.2021780303030303,"compression_ratio":1.6579804560260587,"no_speech_prob":0.05181884765625,"words":[]},{"start":1762.16,"end":1765.0000000000002,"text":" They may also suspend trading or delist firms","temperature":0,"avg_logprob":-0.2021780303030303,"compression_ratio":1.6579804560260587,"no_speech_prob":0.05181884765625,"words":[]},{"start":1765.0000000000002,"end":1768.16,"text":" that fail to comply according to anonymous 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Thanks.","temperature":0,"avg_logprob":-0.2021780303030303,"compression_ratio":1.6579804560260587,"no_speech_prob":0.05181884765625,"words":[]},{"start":1783,"end":1783.84,"text":" We got next David,","temperature":0,"avg_logprob":-0.21893382352941176,"compression_ratio":1.6704225352112676,"no_speech_prob":0.093994140625,"words":[]},{"start":1783.84,"end":1785.32,"text":" we got to talk about world liberty finance.","temperature":0,"avg_logprob":-0.21893382352941176,"compression_ratio":1.6704225352112676,"no_speech_prob":0.093994140625,"words":[]},{"start":1785.32,"end":1786.84,"text":" It's a token just started trading","temperature":0,"avg_logprob":-0.21893382352941176,"compression_ratio":1.6704225352112676,"no_speech_prob":0.093994140625,"words":[]},{"start":1786.84,"end":1789.2,"text":" and the Trump's crypto wealth.","temperature":0,"avg_logprob":-0.21893382352941176,"compression_ratio":1.6704225352112676,"no_speech_prob":0.093994140625,"words":[]},{"start":1789.2,"end":1792,"text":" They are now like crypto mega billionaires.","temperature":0,"avg_logprob":-0.21893382352941176,"compression_ratio":1.6704225352112676,"no_speech_prob":0.093994140625,"words":[]},{"start":1792,"end":1793.72,"text":" And stacking quite a hurry to talk about that.","temperature":0,"avg_logprob":-0.21893382352941176,"compression_ratio":1.6704225352112676,"no_speech_prob":0.093994140625,"words":[]},{"start":1793.72,"end":1796.04,"text":" Also maybe this caused Gavin Newsom","temperature":0,"avg_logprob":-0.21893382352941176,"compression_ratio":1.6704225352112676,"no_speech_prob":0.093994140625,"words":[]},{"start":1796.04,"end":1798.04,"text":" to want to launch a meme 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launched.","temperature":0,"avg_logprob":-0.21707128099173553,"compression_ratio":1.513011152416357,"no_speech_prob":0.00955963134765625,"words":[]},{"start":1979.4,"end":1980.56,"text":" Do we know?","temperature":0,"avg_logprob":-0.21707128099173553,"compression_ratio":1.513011152416357,"no_speech_prob":0.00955963134765625,"words":[]},{"start":1980.56,"end":1982.48,"text":" They don't have a function yet.","temperature":0,"avg_logprob":-0.21707128099173553,"compression_ratio":1.513011152416357,"no_speech_prob":0.00955963134765625,"words":[]},{"start":1982.48,"end":1984.8,"text":" Yeah, okay, so they do have some stuff.","temperature":0,"avg_logprob":-0.21707128099173553,"compression_ratio":1.513011152416357,"no_speech_prob":0.00955963134765625,"words":[]},{"start":1984.8,"end":1986.56,"text":" Let's just go here for a second.","temperature":0,"avg_logprob":-0.26590236686390534,"compression_ratio":1.8091872791519434,"no_speech_prob":0.0247802734375,"words":[]},{"start":1986.56,"end":1987.3999999999999,"text":" I'll pull it up.","temperature":0,"avg_logprob":-0.26590236686390534,"compression_ratio":1.8091872791519434,"no_speech_prob":0.0247802734375,"words":[]},{"start":1987.3999999999999,"end":1990.44,"text":" Okay, so first of all, there's the USD one.","temperature":0,"avg_logprob":-0.26590236686390534,"compression_ratio":1.8091872791519434,"no_speech_prob":0.0247802734375,"words":[]},{"start":1990.44,"end":1991.3999999999999,"text":" So they have a stable coin.","temperature":0,"avg_logprob":-0.26590236686390534,"compression_ratio":1.8091872791519434,"no_speech_prob":0.0247802734375,"words":[]},{"start":1991.3999999999999,"end":1992.24,"text":" A stable coin, right?","temperature":0,"avg_logprob":-0.26590236686390534,"compression_ratio":1.8091872791519434,"no_speech_prob":0.0247802734375,"words":[]},{"start":1992.24,"end":1993.2,"text":" Okay, it's not nothing.","temperature":0,"avg_logprob":-0.26590236686390534,"compression_ratio":1.8091872791519434,"no_speech_prob":0.0247802734375,"words":[]},{"start":1993.2,"end":1994.04,"text":" I was looking at the charts.","temperature":0,"avg_logprob":-0.26590236686390534,"compression_ratio":1.8091872791519434,"no_speech_prob":0.0247802734375,"words":[]},{"start":1994.04,"end":1997.32,"text":" It's actually $2 billion stable coin at this point in time.","temperature":0,"avg_logprob":-0.26590236686390534,"compression_ratio":1.8091872791519434,"no_speech_prob":0.0247802734375,"words":[]},{"start":1997.32,"end":1999.6399999999999,"text":" Okay, so that's, that's launched, that's out there.","temperature":0,"avg_logprob":-0.26590236686390534,"compression_ratio":1.8091872791519434,"no_speech_prob":0.0247802734375,"words":[]},{"start":1999.6399999999999,"end":2000.6399999999999,"text":" There is something here.","temperature":0,"avg_logprob":-0.26590236686390534,"compression_ratio":1.8091872791519434,"no_speech_prob":0.0247802734375,"words":[]},{"start":2000.6399999999999,"end":2001.48,"text":" There's a stable coin.","temperature":0,"avg_logprob":-0.26590236686390534,"compression_ratio":1.8091872791519434,"no_speech_prob":0.0247802734375,"words":[]},{"start":2001.48,"end":2003,"text":" It's a $2 billion stable coin.","temperature":0,"avg_logprob":-0.26590236686390534,"compression_ratio":1.8091872791519434,"no_speech_prob":0.0247802734375,"words":[]},{"start":2003,"end":2005.44,"text":" So 19 providers there.","temperature":0,"avg_logprob":-0.26590236686390534,"compression_ratio":1.8091872791519434,"no_speech_prob":0.0247802734375,"words":[]},{"start":2005.44,"end":2007.76,"text":" And then of course, you have the token.","temperature":0,"avg_logprob":-0.26590236686390534,"compression_ratio":1.8091872791519434,"no_speech_prob":0.0247802734375,"words":[]},{"start":2007.76,"end":2009.84,"text":" The token is the product, all right?","temperature":0,"avg_logprob":-0.26590236686390534,"compression_ratio":1.8091872791519434,"no_speech_prob":0.0247802734375,"words":[]},{"start":2009.84,"end":2011.24,"text":" So we've got two tokens.","temperature":0,"avg_logprob":-0.26590236686390534,"compression_ratio":1.8091872791519434,"no_speech_prob":0.0247802734375,"words":[]},{"start":2011.28,"end":2015.64,"text":" World-liberty finance, the WLFI token, you can stake that.","temperature":0,"avg_logprob":-0.2340029761904762,"compression_ratio":1.9706959706959708,"no_speech_prob":0.04400634765625,"words":[]},{"start":2015.64,"end":2017.8,"text":" If you, if you so choose, you could also buy it.","temperature":0,"avg_logprob":-0.2340029761904762,"compression_ratio":1.9706959706959708,"no_speech_prob":0.04400634765625,"words":[]},{"start":2017.8,"end":2018.64,"text":" You can sell it.","temperature":0,"avg_logprob":-0.2340029761904762,"compression_ratio":1.9706959706959708,"no_speech_prob":0.04400634765625,"words":[]},{"start":2018.64,"end":2020.6,"text":" What do you do, what happens if you stake it?","temperature":0,"avg_logprob":-0.2340029761904762,"compression_ratio":1.9706959706959708,"no_speech_prob":0.04400634765625,"words":[]},{"start":2020.6,"end":2021.96,"text":" I don't know, who knows?","temperature":0,"avg_logprob":-0.2340029761904762,"compression_ratio":1.9706959706959708,"no_speech_prob":0.04400634765625,"words":[]},{"start":2021.96,"end":2023.68,"text":" You can trade it.","temperature":0,"avg_logprob":-0.2340029761904762,"compression_ratio":1.9706959706959708,"no_speech_prob":0.04400634765625,"words":[]},{"start":2023.68,"end":2025.04,"text":" Maybe you can't stake it.","temperature":0,"avg_logprob":-0.2340029761904762,"compression_ratio":1.9706959706959708,"no_speech_prob":0.04400634765625,"words":[]},{"start":2025.04,"end":2027.1200000000001,"text":" Look, yeah, I guess delete that.","temperature":0,"avg_logprob":-0.2340029761904762,"compression_ratio":1.9706959706959708,"no_speech_prob":0.04400634765625,"words":[]},{"start":2027.1200000000001,"end":2028.04,"text":" Maybe you can't stake it.","temperature":0,"avg_logprob":-0.2340029761904762,"compression_ratio":1.9706959706959708,"no_speech_prob":0.04400634765625,"words":[]},{"start":2028.04,"end":2029.36,"text":" You can unlock it, you can trade it.","temperature":0,"avg_logprob":-0.2340029761904762,"compression_ratio":1.9706959706959708,"no_speech_prob":0.04400634765625,"words":[]},{"start":2029.36,"end":2031.56,"text":" All right, and you can do governance.","temperature":0,"avg_logprob":-0.2340029761904762,"compression_ratio":1.9706959706959708,"no_speech_prob":0.04400634765625,"words":[]},{"start":2031.56,"end":2032.4,"text":" There was a governance proposal.","temperature":0,"avg_logprob":-0.2340029761904762,"compression_ratio":1.9706959706959708,"no_speech_prob":0.04400634765625,"words":[]},{"start":2032.4,"end":2034.32,"text":" You can do governance, that's great.","temperature":0,"avg_logprob":-0.2340029761904762,"compression_ratio":1.9706959706959708,"no_speech_prob":0.04400634765625,"words":[]},{"start":2034.32,"end":2035.84,"text":" There was a governance proposal actually","temperature":0,"avg_logprob":-0.2340029761904762,"compression_ratio":1.9706959706959708,"no_speech_prob":0.04400634765625,"words":[]},{"start":2035.84,"end":2040.52,"text":" to distribute the profits back to WLFI token holders.","temperature":0,"avg_logprob":-0.2340029761904762,"compression_ratio":1.9706959706959708,"no_speech_prob":0.04400634765625,"words":[]},{"start":2040.52,"end":2044.28,"text":" So that's going to, well, this is the stuff that's TBD.","temperature":0,"avg_logprob":-0.26236510791366907,"compression_ratio":1.7228464419475655,"no_speech_prob":0.0130157470703125,"words":[]},{"start":2044.28,"end":2046.44,"text":" WLFI app soon.","temperature":0,"avg_logprob":-0.26236510791366907,"compression_ratio":1.7228464419475655,"no_speech_prob":0.0130157470703125,"words":[]},{"start":2046.44,"end":2048.44,"text":" And so there's going to be an app, and then there's","temperature":0,"avg_logprob":-0.26236510791366907,"compression_ratio":1.7228464419475655,"no_speech_prob":0.0130157470703125,"words":[]},{"start":2048.44,"end":2049.24,"text":" a landed borrow.","temperature":0,"avg_logprob":-0.26236510791366907,"compression_ratio":1.7228464419475655,"no_speech_prob":0.0130157470703125,"words":[]},{"start":2049.24,"end":2051.6,"text":" What I think this is going to be is basically AVE.","temperature":0,"avg_logprob":-0.26236510791366907,"compression_ratio":1.7228464419475655,"no_speech_prob":0.0130157470703125,"words":[]},{"start":2051.6,"end":2056.08,"text":" So you know how AVE had go, they have their stable coin,","temperature":0,"avg_logprob":-0.26236510791366907,"compression_ratio":1.7228464419475655,"no_speech_prob":0.0130157470703125,"words":[]},{"start":2056.08,"end":2057.7599999999998,"text":" they have borrowing and lending.","temperature":0,"avg_logprob":-0.26236510791366907,"compression_ratio":1.7228464419475655,"no_speech_prob":0.0130157470703125,"words":[]},{"start":2057.7599999999998,"end":2060.4,"text":" I think this is like world-liberty financial","temperature":0,"avg_logprob":-0.26236510791366907,"compression_ratio":1.7228464419475655,"no_speech_prob":0.0130157470703125,"words":[]},{"start":2060.4,"end":2064.12,"text":" America Trump branded AVE kind of wrapped","temperature":0,"avg_logprob":-0.26236510791366907,"compression_ratio":1.7228464419475655,"no_speech_prob":0.0130157470703125,"words":[]},{"start":2064.12,"end":2067.12,"text":" with a meme, WLFI meme token, basically.","temperature":0,"avg_logprob":-0.26236510791366907,"compression_ratio":1.7228464419475655,"no_speech_prob":0.0130157470703125,"words":[]},{"start":2067.12,"end":2069.56,"text":" Can we launch your website with a bunch of features","temperature":0,"avg_logprob":-0.26236510791366907,"compression_ratio":1.7228464419475655,"no_speech_prob":0.0130157470703125,"words":[]},{"start":2069.6,"end":2072.44,"text":" that I'll say soon on it and make a token?","temperature":0,"avg_logprob":-0.2713815789473684,"compression_ratio":1.6066666666666667,"no_speech_prob":0.00638580322265625,"words":[]},{"start":2072.44,"end":2074.92,"text":" No, you can't, because you're not Donald Trump, okay?","temperature":0,"avg_logprob":-0.2713815789473684,"compression_ratio":1.6066666666666667,"no_speech_prob":0.00638580322265625,"words":[]},{"start":2074.92,"end":2078.88,"text":" So, you know, it's hard to do if you don't have that.","temperature":0,"avg_logprob":-0.2713815789473684,"compression_ratio":1.6066666666666667,"no_speech_prob":0.00638580322265625,"words":[]},{"start":2078.88,"end":2081.36,"text":" Can I tell you what the first governance proposal is","temperature":0,"avg_logprob":-0.2713815789473684,"compression_ratio":1.6066666666666667,"no_speech_prob":0.00638580322265625,"words":[]},{"start":2081.36,"end":2082.88,"text":" on world-liberty financial?","temperature":0,"avg_logprob":-0.2713815789473684,"compression_ratio":1.6066666666666667,"no_speech_prob":0.00638580322265625,"words":[]},{"start":2082.88,"end":2083.72,"text":" Yeah.","temperature":0,"avg_logprob":-0.2713815789473684,"compression_ratio":1.6066666666666667,"no_speech_prob":0.00638580322265625,"words":[]},{"start":2083.72,"end":2085.56,"text":" You actually mentioned it, buybacks.","temperature":0,"avg_logprob":-0.2713815789473684,"compression_ratio":1.6066666666666667,"no_speech_prob":0.00638580322265625,"words":[]},{"start":2085.56,"end":2088.32,"text":" So they announced that they kicked off a governance proposal","temperature":0,"avg_logprob":-0.2713815789473684,"compression_ratio":1.6066666666666667,"no_speech_prob":0.00638580322265625,"words":[]},{"start":2088.32,"end":2091.52,"text":" where 100% of the fees earned by WLFI's","temperature":0,"avg_logprob":-0.2713815789473684,"compression_ratio":1.6066666666666667,"no_speech_prob":0.00638580322265625,"words":[]},{"start":2091.52,"end":2092.36,"text":" in the future.","temperature":0,"avg_logprob":-0.2713815789473684,"compression_ratio":1.6066666666666667,"no_speech_prob":0.00638580322265625,"words":[]},{"start":2092.36,"end":2093.2,"text":" In the future?","temperature":0,"avg_logprob":-0.2713815789473684,"compression_ratio":1.6066666666666667,"no_speech_prob":0.00638580322265625,"words":[]},{"start":2093.2,"end":2094.04,"text":" No, no fees now.","temperature":0,"avg_logprob":-0.2713815789473684,"compression_ratio":1.6066666666666667,"no_speech_prob":0.00638580322265625,"words":[]},{"start":2094.04,"end":2094.88,"text":" No, no, no, current, current.","temperature":0,"avg_logprob":-0.2713815789473684,"compression_ratio":1.6066666666666667,"no_speech_prob":0.00638580322265625,"words":[]},{"start":2094.88,"end":2096.12,"text":" The protocol owned liquidity.","temperature":0,"avg_logprob":-0.2713815789473684,"compression_ratio":1.6066666666666667,"no_speech_prob":0.00638580322265625,"words":[]},{"start":2096.12,"end":2099.92,"text":" So there is owned like ether and 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week,","temperature":0,"avg_logprob":-0.26638986013986016,"compression_ratio":1.7454545454545454,"no_speech_prob":0.0033245086669921875,"words":[]},{"start":2159.7200000000003,"end":2162.7200000000003,"text":" they launched a Trump-backed Bitcoin company","temperature":0,"avg_logprob":-0.26638986013986016,"compression_ratio":1.7454545454545454,"no_speech_prob":0.0033245086669921875,"words":[]},{"start":2162.7200000000003,"end":2164.76,"text":" called American Bitcoin.","temperature":0,"avg_logprob":-0.26638986013986016,"compression_ratio":1.7454545454545454,"no_speech_prob":0.0033245086669921875,"words":[]},{"start":2164.76,"end":2168.84,"text":" This is a Bitcoin treasury and a Bitcoin mining company.","temperature":0,"avg_logprob":-0.26638986013986016,"compression_ratio":1.7454545454545454,"no_speech_prob":0.0033245086669921875,"words":[]},{"start":2168.84,"end":2170,"text":" They have a chunk of that.","temperature":0,"avg_logprob":-0.26638986013986016,"compression_ratio":1.7454545454545454,"no_speech_prob":0.0033245086669921875,"words":[]},{"start":2170,"end":2171.6000000000004,"text":" That's seven to eight billion","temperature":0,"avg_logprob":-0.26638986013986016,"compression_ratio":1.7454545454545454,"no_speech_prob":0.0033245086669921875,"words":[]},{"start":2171.6000000000004,"end":2173.0800000000004,"text":" in terms of market cap right now.","temperature":0,"avg_logprob":-0.26638986013986016,"compression_ratio":1.7454545454545454,"no_speech_prob":0.0033245086669921875,"words":[]},{"start":2173.0800000000004,"end":2174.4,"text":" I don't know how much they have.","temperature":0,"avg_logprob":-0.26638986013986016,"compression_ratio":1.7454545454545454,"no_speech_prob":0.0033245086669921875,"words":[]},{"start":2174.4,"end":2175.2400000000002,"text":" They don't market cap, total.","temperature":0,"avg_logprob":-0.26638986013986016,"compression_ratio":1.7454545454545454,"no_speech_prob":0.0033245086669921875,"words":[]},{"start":2175.2400000000002,"end":2176.4,"text":" But I think, I don't know,","temperature":0,"avg_logprob":-0.26638986013986016,"compression_ratio":1.7454545454545454,"no_speech_prob":0.0033245086669921875,"words":[]},{"start":2176.4,"end":2178,"text":" I was reading maybe 30% of that.","temperature":0,"avg_logprob":-0.26638986013986016,"compression_ratio":1.7454545454545454,"no_speech_prob":0.0033245086669921875,"words":[]},{"start":2178,"end":2180.5600000000004,"text":" Look, dude, it's definitely,","temperature":0,"avg_logprob":-0.26638986013986016,"compression_ratio":1.7454545454545454,"no_speech_prob":0.0033245086669921875,"words":[]},{"start":2180.5600000000004,"end":2182.6400000000003,"text":" I don't think it's double digit billions,","temperature":0,"avg_logprob":-0.26638986013986016,"compression_ratio":1.7454545454545454,"no_speech_prob":0.0033245086669921875,"words":[]},{"start":2182.68,"end":2185.48,"text":" but like five, six, seven billion","temperature":0,"avg_logprob":-0.2954136690647482,"compression_ratio":1.6033898305084746,"no_speech_prob":0.0004107952117919922,"words":[]},{"start":2185.48,"end":2188.24,"text":" that Trump has just in crypto holdings at this point.","temperature":0,"avg_logprob":-0.2954136690647482,"compression_ratio":1.6033898305084746,"no_speech_prob":0.0004107952117919922,"words":[]},{"start":2188.24,"end":2190.72,"text":" And keep in mind, they are doing a fantastic job","temperature":0,"avg_logprob":-0.2954136690647482,"compression_ratio":1.6033898305084746,"no_speech_prob":0.0004107952117919922,"words":[]},{"start":2190.72,"end":2193.44,"text":" of monetizing the role of the president.","temperature":0,"avg_logprob":-0.2954136690647482,"compression_ratio":1.6033898305084746,"no_speech_prob":0.0004107952117919922,"words":[]},{"start":2193.44,"end":2194.44,"text":" Yeah, all of the things.","temperature":0,"avg_logprob":-0.2954136690647482,"compression_ratio":1.6033898305084746,"no_speech_prob":0.0004107952117919922,"words":[]},{"start":2194.44,"end":2195.44,"text":" No one's done it, though.","temperature":0,"avg_logprob":-0.2954136690647482,"compression_ratio":1.6033898305084746,"no_speech_prob":0.0004107952117919922,"words":[]},{"start":2195.44,"end":2197.72,"text":" Oh, last week, while you were out,","temperature":0,"avg_logprob":-0.2954136690647482,"compression_ratio":1.6033898305084746,"no_speech_prob":0.0004107952117919922,"words":[]},{"start":2197.72,"end":2201.48,"text":" a Trump junior became advisor for a polling 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Democrat,","temperature":0,"avg_logprob":-0.2954136690647482,"compression_ratio":1.6033898305084746,"no_speech_prob":0.0004107952117919922,"words":[]},{"start":2209.48,"end":2211.72,"text":" Gavin Newsom, who is like in a meme war","temperature":0,"avg_logprob":-0.1890297202797203,"compression_ratio":1.7428571428571429,"no_speech_prob":0.0025119781494140625,"words":[]},{"start":2211.72,"end":2212.96,"text":" with Trump right now,","temperature":0,"avg_logprob":-0.1890297202797203,"compression_ratio":1.7428571428571429,"no_speech_prob":0.0025119781494140625,"words":[]},{"start":2212.96,"end":2214.88,"text":" to talk about launching a meme coin.","temperature":0,"avg_logprob":-0.1890297202797203,"compression_ratio":1.7428571428571429,"no_speech_prob":0.0025119781494140625,"words":[]},{"start":2214.88,"end":2216.36,"text":" I'm gonna play this thing again.","temperature":0,"avg_logprob":-0.1890297202797203,"compression_ratio":1.7428571428571429,"no_speech_prob":0.0025119781494140625,"words":[]},{"start":2216.36,"end":2217.72,"text":" And if you want a real prediction,","temperature":0,"avg_logprob":-0.1890297202797203,"compression_ratio":1.7428571428571429,"no_speech_prob":0.0025119781494140625,"words":[]},{"start":2217.72,"end":2220.88,"text":" I know we talked about the Taylor Swift prediction.","temperature":0,"avg_logprob":-0.1890297202797203,"compression_ratio":1.7428571428571429,"no_speech_prob":0.0025119781494140625,"words":[]},{"start":2220.88,"end":2222.04,"text":" The real prediction is,","temperature":0,"avg_logprob":-0.1890297202797203,"compression_ratio":1.7428571428571429,"no_speech_prob":0.0025119781494140625,"words":[]},{"start":2222.04,"end":2223.52,"text":" we're about to put a meme coin out.","temperature":0,"avg_logprob":-0.1890297202797203,"compression_ratio":1.7428571428571429,"no_speech_prob":0.0025119781494140625,"words":[]},{"start":2223.52,"end":2225.16,"text":" And you know what, Donald Trump,","temperature":0,"avg_logprob":-0.1890297202797203,"compression_ratio":1.7428571428571429,"no_speech_prob":0.0025119781494140625,"words":[]},{"start":2225.16,"end":2227.84,"text":" we'll see how well your coin does versus our coin.","temperature":0,"avg_logprob":-0.1890297202797203,"compression_ratio":1.7428571428571429,"no_speech_prob":0.0025119781494140625,"words":[]},{"start":2227.84,"end":2232.84,"text":" I mean, we're just trying to tune up the heat","temperature":0,"avg_logprob":-0.1890297202797203,"compression_ratio":1.7428571428571429,"no_speech_prob":0.0025119781494140625,"words":[]},{"start":2233.92,"end":2235.92,"text":" and trying to tune people into the absurdity.","temperature":0,"avg_logprob":-0.1890297202797203,"compression_ratio":1.7428571428571429,"no_speech_prob":0.0025119781494140625,"words":[]},{"start":2235.92,"end":2237.32,"text":" Is it gonna be called Gavin Coin?","temperature":0,"avg_logprob":-0.1890297202797203,"compression_ratio":1.7428571428571429,"no_speech_prob":0.0025119781494140625,"words":[]},{"start":2237.32,"end":2239.48,"text":" No, it's, I think Trump corruption coin.","temperature":0,"avg_logprob":-0.27313311688311687,"compression_ratio":1.8082706766917294,"no_speech_prob":0.0022525787353515625,"words":[]},{"start":2239.48,"end":2242.32,"text":" Gavin, you're gonna lose, man.","temperature":0,"avg_logprob":-0.27313311688311687,"compression_ratio":1.8082706766917294,"no_speech_prob":0.0022525787353515625,"words":[]},{"start":2242.32,"end":2243.7200000000003,"text":" His heart's not in it, is it?","temperature":0,"avg_logprob":-0.27313311688311687,"compression_ratio":1.8082706766917294,"no_speech_prob":0.0022525787353515625,"words":[]},{"start":2244.92,"end":2246.48,"text":" You're going up against Trump.","temperature":0,"avg_logprob":-0.27313311688311687,"compression_ratio":1.8082706766917294,"no_speech_prob":0.0022525787353515625,"words":[]},{"start":2246.48,"end":2249.04,"text":" Gavin's a, he's not a bad meme,","temperature":0,"avg_logprob":-0.27313311688311687,"compression_ratio":1.8082706766917294,"no_speech_prob":0.0022525787353515625,"words":[]},{"start":2249.04,"end":2250.44,"text":" but he's going up against Trump.","temperature":0,"avg_logprob":-0.27313311688311687,"compression_ratio":1.8082706766917294,"no_speech_prob":0.0022525787353515625,"words":[]},{"start":2250.44,"end":2252.1200000000003,"text":" Like, you're gonna not gonna out meme that, man.","temperature":0,"avg_logprob":-0.27313311688311687,"compression_ratio":1.8082706766917294,"no_speech_prob":0.0022525787353515625,"words":[]},{"start":2252.1200000000003,"end":2253.2400000000002,"text":" What would be funny, though?","temperature":0,"avg_logprob":-0.27313311688311687,"compression_ratio":1.8082706766917294,"no_speech_prob":0.0022525787353515625,"words":[]},{"start":2253.2400000000002,"end":2255.36,"text":" Cause Trump launched his meme coin on Solana","temperature":0,"avg_logprob":-0.27313311688311687,"compression_ratio":1.8082706766917294,"no_speech_prob":0.0022525787353515625,"words":[]},{"start":2255.36,"end":2257.6400000000003,"text":" if Gavin launched his meme coin on Ethereum","temperature":0,"avg_logprob":-0.27313311688311687,"compression_ratio":1.8082706766917294,"no_speech_prob":0.0022525787353515625,"words":[]},{"start":2257.6400000000003,"end":2259.48,"text":" just for the sake of the meme.","temperature":0,"avg_logprob":-0.27313311688311687,"compression_ratio":1.8082706766917294,"no_speech_prob":0.0022525787353515625,"words":[]},{"start":2259.48,"end":2261.8,"text":" Just like put all the libs on Ethereum.","temperature":0,"avg_logprob":-0.27313311688311687,"compression_ratio":1.8082706766917294,"no_speech_prob":0.0022525787353515625,"words":[]},{"start":2261.8,"end":2264.28,"text":" Oh, God, I don't want the Trumpers on Solana.","temperature":0,"avg_logprob":-0.27313311688311687,"compression_ratio":1.8082706766917294,"no_speech_prob":0.0022525787353515625,"words":[]},{"start":2264.28,"end":2267.36,"text":" Those political wars to bleed over into crypto.","temperature":0,"avg_logprob":-0.1757563694267516,"compression_ratio":1.6676384839650147,"no_speech_prob":0.00757598876953125,"words":[]},{"start":2267.36,"end":2268.36,"text":" I just, it's funny.","temperature":0,"avg_logprob":-0.1757563694267516,"compression_ratio":1.6676384839650147,"no_speech_prob":0.00757598876953125,"words":[]},{"start":2268.36,"end":2270.4,"text":" I just don't think Gavin's heart isn't it.","temperature":0,"avg_logprob":-0.1757563694267516,"compression_ratio":1.6676384839650147,"no_speech_prob":0.00757598876953125,"words":[]},{"start":2270.4,"end":2272.5600000000004,"text":" I don't know if he's actually gonna do it,","temperature":0,"avg_logprob":-0.1757563694267516,"compression_ratio":1.6676384839650147,"no_speech_prob":0.00757598876953125,"words":[]},{"start":2272.5600000000004,"end":2274.36,"text":" but I think he just threw out that comment.","temperature":0,"avg_logprob":-0.1757563694267516,"compression_ratio":1.6676384839650147,"no_speech_prob":0.00757598876953125,"words":[]},{"start":2274.36,"end":2275.5600000000004,"text":" He threw out that comment, you think?","temperature":0,"avg_logprob":-0.1757563694267516,"compression_ratio":1.6676384839650147,"no_speech_prob":0.00757598876953125,"words":[]},{"start":2275.5600000000004,"end":2277.7200000000003,"text":" This is a Jake Trevinsky take, which I resonate with.","temperature":0,"avg_logprob":-0.1757563694267516,"compression_ratio":1.6676384839650147,"no_speech_prob":0.00757598876953125,"words":[]},{"start":2277.7200000000003,"end":2279.76,"text":" World Liberty Financial will make it way harder","temperature":0,"avg_logprob":-0.1757563694267516,"compression_ratio":1.6676384839650147,"no_speech_prob":0.00757598876953125,"words":[]},{"start":2279.76,"end":2282.44,"text":" to get market structure legislation done in the Senate","temperature":0,"avg_logprob":-0.1757563694267516,"compression_ratio":1.6676384839650147,"no_speech_prob":0.00757598876953125,"words":[]},{"start":2282.44,"end":2285.1600000000003,"text":" where we need seven Democrats to vote, yes.","temperature":0,"avg_logprob":-0.1757563694267516,"compression_ratio":1.6676384839650147,"no_speech_prob":0.00757598876953125,"words":[]},{"start":2285.1600000000003,"end":2289.1200000000003,"text":" And for whom a pro crypto vote will be politically challenging","temperature":0,"avg_logprob":-0.1757563694267516,"compression_ratio":1.6676384839650147,"no_speech_prob":0.00757598876953125,"words":[]},{"start":2289.1200000000003,"end":2291.2000000000003,"text":" to put it mildly, no matter what the bill says","temperature":0,"avg_logprob":-0.1757563694267516,"compression_ratio":1.6676384839650147,"no_speech_prob":0.00757598876953125,"words":[]},{"start":2291.2000000000003,"end":2293.1600000000003,"text":" about policy, happy fall.","temperature":0,"avg_logprob":-0.1757563694267516,"compression_ratio":1.6676384839650147,"no_speech_prob":0.00757598876953125,"words":[]},{"start":2293.16,"end":2296.6,"text":" So we've always been the danger of politicizing","temperature":0,"avg_logprob":-0.18017578125,"compression_ratio":1.5374149659863945,"no_speech_prob":0.0008039474487304688,"words":[]},{"start":2296.6,"end":2299.24,"text":" and getting, putting crypto behind one political party.","temperature":0,"avg_logprob":-0.18017578125,"compression_ratio":1.5374149659863945,"no_speech_prob":0.0008039474487304688,"words":[]},{"start":2299.24,"end":2301.24,"text":" The stuff like this becomes more difficult.","temperature":0,"avg_logprob":-0.18017578125,"compression_ratio":1.5374149659863945,"no_speech_prob":0.0008039474487304688,"words":[]},{"start":2301.24,"end":2302.08,"text":" Yeah.","temperature":0,"avg_logprob":-0.18017578125,"compression_ratio":1.5374149659863945,"no_speech_prob":0.0008039474487304688,"words":[]},{"start":2302.08,"end":2303.3599999999997,"text":" So I think he's right about that.","temperature":0,"avg_logprob":-0.18017578125,"compression_ratio":1.5374149659863945,"no_speech_prob":0.0008039474487304688,"words":[]},{"start":2303.3599999999997,"end":2305.52,"text":" I don't know how this votes for clarity,","temperature":0,"avg_logprob":-0.18017578125,"compression_ratio":1.5374149659863945,"no_speech_prob":0.0008039474487304688,"words":[]},{"start":2305.52,"end":2307.16,"text":" but I'm a little bit worried about this.","temperature":0,"avg_logprob":-0.18017578125,"compression_ratio":1.5374149659863945,"no_speech_prob":0.0008039474487304688,"words":[]},{"start":2307.16,"end":2310.3199999999997,"text":" In better news, though, David, we have a clear,","temperature":0,"avg_logprob":-0.18017578125,"compression_ratio":1.5374149659863945,"no_speech_prob":0.0008039474487304688,"words":[]},{"start":2310.3199999999997,"end":2315.3199999999997,"text":" a possible clear path now for Spot Bitcoin and Spot 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listed","temperature":0,"avg_logprob":-0.1851806640625,"compression_ratio":1.6254416961130742,"no_speech_prob":0.0010004043579101562,"words":[]},{"start":2325.2400000000002,"end":2326.08,"text":" on the NASDAQ?","temperature":0,"avg_logprob":-0.1851806640625,"compression_ratio":1.6254416961130742,"no_speech_prob":0.0010004043579101562,"words":[]},{"start":2326.08,"end":2326.92,"text":" How does that work?","temperature":0,"avg_logprob":-0.1851806640625,"compression_ratio":1.6254416961130742,"no_speech_prob":0.0010004043579101562,"words":[]},{"start":2326.92,"end":2331.1600000000003,"text":" So you know currently there's like two worlds.","temperature":0,"avg_logprob":-0.1851806640625,"compression_ratio":1.6254416961130742,"no_speech_prob":0.0010004043579101562,"words":[]},{"start":2331.1600000000003,"end":2333.76,"text":" You have crypto exchanges and then you 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notable.","temperature":0,"avg_logprob":-0.1851806640625,"compression_ratio":1.6254416961130742,"no_speech_prob":0.0010004043579101562,"words":[]},{"start":2343.32,"end":2345.8,"text":" A joint statement like they're actually talking","temperature":0,"avg_logprob":-0.1851806640625,"compression_ratio":1.6254416961130742,"no_speech_prob":0.0010004043579101562,"words":[]},{"start":2345.8,"end":2348.2400000000002,"text":" to one another and cooperating?","temperature":0,"avg_logprob":-0.1851806640625,"compression_ratio":1.6254416961130742,"no_speech_prob":0.0010004043579101562,"words":[]},{"start":2348.2400000000002,"end":2350,"text":" Who would have thought?","temperature":0,"avg_logprob":-0.1851806640625,"compression_ratio":1.6254416961130742,"no_speech_prob":0.0010004043579101562,"words":[]},{"start":2350,"end":2350.92,"text":" Well, that's happening.","temperature":0,"avg_logprob":-0.1851806640625,"compression_ratio":1.6254416961130742,"no_speech_prob":0.0010004043579101562,"words":[]},{"start":2350.92,"end":2352.96,"text":" So very bullish on that side.","temperature":0,"avg_logprob":-0.128733407079646,"compression_ratio":1.5793650793650793,"no_speech_prob":0.0017004013061523438,"words":[]},{"start":2352.96,"end":2356.36,"text":" They basically said the path is clear","temperature":0,"avg_logprob":-0.128733407079646,"compression_ratio":1.5793650793650793,"no_speech_prob":0.0017004013061523438,"words":[]},{"start":2356.36,"end":2358.52,"text":" and they were looking for proposals","temperature":0,"avg_logprob":-0.128733407079646,"compression_ratio":1.5793650793650793,"no_speech_prob":0.0017004013061523438,"words":[]},{"start":2358.52,"end":2362.16,"text":" for these large US-based exchanges,","temperature":0,"avg_logprob":-0.128733407079646,"compression_ratio":1.5793650793650793,"no_speech_prob":0.0017004013061523438,"words":[]},{"start":2362.16,"end":2365.08,"text":" tradify exchanges to submit a proposal","temperature":0,"avg_logprob":-0.128733407079646,"compression_ratio":1.5793650793650793,"no_speech_prob":0.0017004013061523438,"words":[]},{"start":2365.08,"end":2369.2000000000003,"text":" to be able to list assets like Spot Bitcoin or Spot Eath","temperature":0,"avg_logprob":-0.128733407079646,"compression_ratio":1.5793650793650793,"no_speech_prob":0.0017004013061523438,"words":[]},{"start":2369.2000000000003,"end":2370.64,"text":" on the New York Stock Exchange,","temperature":0,"avg_logprob":-0.128733407079646,"compression_ratio":1.5793650793650793,"no_speech_prob":0.0017004013061523438,"words":[]},{"start":2370.64,"end":2373.12,"text":" on the NASDAQ and the CBOE.","temperature":0,"avg_logprob":-0.128733407079646,"compression_ratio":1.5793650793650793,"no_speech_prob":0.0017004013061523438,"words":[]},{"start":2373.12,"end":2373.96,"text":" Okay.","temperature":0,"avg_logprob":-0.128733407079646,"compression_ratio":1.5793650793650793,"no_speech_prob":0.0017004013061523438,"words":[]},{"start":2373.96,"end":2376.12,"text":" Now in order to do this, there are some hoops","temperature":0,"avg_logprob":-0.128733407079646,"compression_ratio":1.5793650793650793,"no_speech_prob":0.0017004013061523438,"words":[]},{"start":2376.12,"end":2379.2000000000003,"text":" that these organizations would need to go through.","temperature":0,"avg_logprob":-0.128733407079646,"compression_ratio":1.5793650793650793,"no_speech_prob":0.0017004013061523438,"words":[]},{"start":2379.2000000000003,"end":2382.6800000000003,"text":" They would need to figure out the filing itself","temperature":0,"avg_logprob":-0.14991258741258742,"compression_ratio":1.7027027027027026,"no_speech_prob":0.0013246536254882812,"words":[]},{"start":2382.6800000000003,"end":2385.1600000000003,"text":" with the SEC, custody and CFTC,","temperature":0,"avg_logprob":-0.14991258741258742,"compression_ratio":1.7027027027027026,"no_speech_prob":0.0013246536254882812,"words":[]},{"start":2385.1600000000003,"end":2387.28,"text":" custody and clearing as well.","temperature":0,"avg_logprob":-0.14991258741258742,"compression_ratio":1.7027027027027026,"no_speech_prob":0.0013246536254882812,"words":[]},{"start":2387.28,"end":2388.6000000000004,"text":" So they're not going to store it.","temperature":0,"avg_logprob":-0.14991258741258742,"compression_ratio":1.7027027027027026,"no_speech_prob":0.0013246536254882812,"words":[]},{"start":2388.6000000000004,"end":2390.44,"text":" They use Coinbase or Crackin","temperature":0,"avg_logprob":-0.14991258741258742,"compression_ratio":1.7027027027027026,"no_speech_prob":0.0013246536254882812,"words":[]},{"start":2390.44,"end":2392.7200000000003,"text":" or somebody else to actually store the assets.","temperature":0,"avg_logprob":-0.14991258741258742,"compression_ratio":1.7027027027027026,"no_speech_prob":0.0013246536254882812,"words":[]},{"start":2392.7200000000003,"end":2394.5600000000004,"text":" And the surveillance hurdles, right?","temperature":0,"avg_logprob":-0.14991258741258742,"compression_ratio":1.7027027027027026,"no_speech_prob":0.0013246536254882812,"words":[]},{"start":2394.5600000000004,"end":2397.8,"text":" So SEC and CFTC have surveillance laws.","temperature":0,"avg_logprob":-0.14991258741258742,"compression_ratio":1.7027027027027026,"no_speech_prob":0.0013246536254882812,"words":[]},{"start":2397.8,"end":2399.2000000000003,"text":" But if they get through those things","temperature":0,"avg_logprob":-0.14991258741258742,"compression_ratio":1.7027027027027026,"no_speech_prob":0.0013246536254882812,"words":[]},{"start":2399.2000000000003,"end":2402.5200000000004,"text":" and they submit a report, the SEC and CFTC are saying,","temperature":0,"avg_logprob":-0.14991258741258742,"compression_ratio":1.7027027027027026,"no_speech_prob":0.0013246536254882812,"words":[]},{"start":2402.5200000000004,"end":2404.2400000000002,"text":" it's legal, you could do this.","temperature":0,"avg_logprob":-0.14991258741258742,"compression_ratio":1.7027027027027026,"no_speech_prob":0.0013246536254882812,"words":[]},{"start":2404.2400000000002,"end":2406.2000000000003,"text":" In fact, we want to see these reports.","temperature":0,"avg_logprob":-0.14991258741258742,"compression_ratio":1.7027027027027026,"no_speech_prob":0.0013246536254882812,"words":[]},{"start":2406.2000000000003,"end":2408.0800000000004,"text":" And David, one reason why this is significant","temperature":0,"avg_logprob":-0.14991258741258742,"compression_ratio":1.7027027027027026,"no_speech_prob":0.0013246536254882812,"words":[]},{"start":2408.08,"end":2409.7999999999997,"text":" is because these exchanges alone,","temperature":0,"avg_logprob":-0.1129150390625,"compression_ratio":1.6360544217687074,"no_speech_prob":0.00009316205978393555,"words":[]},{"start":2409.7999999999997,"end":2412.3199999999997,"text":" they do about 600 billion in daily volume","temperature":0,"avg_logprob":-0.1129150390625,"compression_ratio":1.6360544217687074,"no_speech_prob":0.00009316205978393555,"words":[]},{"start":2412.3199999999997,"end":2413.56,"text":" across their assets.","temperature":0,"avg_logprob":-0.1129150390625,"compression_ratio":1.6360544217687074,"no_speech_prob":0.00009316205978393555,"words":[]},{"start":2413.56,"end":2415.88,"text":" In comparison, our largest exchanges in crypto","temperature":0,"avg_logprob":-0.1129150390625,"compression_ratio":1.6360544217687074,"no_speech_prob":0.00009316205978393555,"words":[]},{"start":2415.88,"end":2418.2,"text":" do about 20 billion, okay?","temperature":0,"avg_logprob":-0.1129150390625,"compression_ratio":1.6360544217687074,"no_speech_prob":0.00009316205978393555,"words":[]},{"start":2418.2,"end":2420.88,"text":" So we're talking about massive volume","temperature":0,"avg_logprob":-0.1129150390625,"compression_ratio":1.6360544217687074,"no_speech_prob":0.00009316205978393555,"words":[]},{"start":2420.88,"end":2423.3199999999997,"text":" if these assets, Spot Bitcoin, Spot Eath","temperature":0,"avg_logprob":-0.1129150390625,"compression_ratio":1.6360544217687074,"no_speech_prob":0.00009316205978393555,"words":[]},{"start":2423.3199999999997,"end":2425.04,"text":" are listed on these exchanges.","temperature":0,"avg_logprob":-0.1129150390625,"compression_ratio":1.6360544217687074,"no_speech_prob":0.00009316205978393555,"words":[]},{"start":2425.04,"end":2426.2,"text":" It's not going to happen overnight,","temperature":0,"avg_logprob":-0.1129150390625,"compression_ratio":1.6360544217687074,"no_speech_prob":0.00009316205978393555,"words":[]},{"start":2426.2,"end":2429.08,"text":" but now the path is clear for them to do that.","temperature":0,"avg_logprob":-0.1129150390625,"compression_ratio":1.6360544217687074,"no_speech_prob":0.00009316205978393555,"words":[]},{"start":2429.08,"end":2432.12,"text":" Okay, here's what I'm a little bit confused about.","temperature":0,"avg_logprob":-0.1129150390625,"compression_ratio":1.6360544217687074,"no_speech_prob":0.00009316205978393555,"words":[]},{"start":2432.12,"end":2434.08,"text":" First, this seems competitive","temperature":0,"avg_logprob":-0.1129150390625,"compression_ratio":1.6360544217687074,"no_speech_prob":0.00009316205978393555,"words":[]},{"start":2434.08,"end":2435.64,"text":" with some of their current customers","temperature":0,"avg_logprob":-0.1129150390625,"compression_ratio":1.6360544217687074,"no_speech_prob":0.00009316205978393555,"words":[]},{"start":2435.64,"end":2439.3599999999997,"text":" being like BlackRock, Fidelity, Bitwise,","temperature":0,"avg_logprob":-0.2162109375,"compression_ratio":1.7335423197492164,"no_speech_prob":0.01032257080078125,"words":[]},{"start":2439.3599999999997,"end":2442.2,"text":" who have listed actual ETFs.","temperature":0,"avg_logprob":-0.2162109375,"compression_ratio":1.7335423197492164,"no_speech_prob":0.01032257080078125,"words":[]},{"start":2442.2,"end":2443.7999999999997,"text":" And so they're going to be competitive","temperature":0,"avg_logprob":-0.2162109375,"compression_ratio":1.7335423197492164,"no_speech_prob":0.01032257080078125,"words":[]},{"start":2443.7999999999997,"end":2445.3199999999997,"text":" with their biggest customers.","temperature":0,"avg_logprob":-0.2162109375,"compression_ratio":1.7335423197492164,"no_speech_prob":0.01032257080078125,"words":[]},{"start":2445.3199999999997,"end":2447.24,"text":" Like I wouldn't want to piss off BlackRock.","temperature":0,"avg_logprob":-0.2162109375,"compression_ratio":1.7335423197492164,"no_speech_prob":0.01032257080078125,"words":[]},{"start":2447.24,"end":2450.04,"text":" And also they're going to have to charge fees","temperature":0,"avg_logprob":-0.2162109375,"compression_ratio":1.7335423197492164,"no_speech_prob":0.01032257080078125,"words":[]},{"start":2450.04,"end":2452.3599999999997,"text":" for custodian shipping and other things.","temperature":0,"avg_logprob":-0.2162109375,"compression_ratio":1.7335423197492164,"no_speech_prob":0.01032257080078125,"words":[]},{"start":2452.3599999999997,"end":2453.68,"text":" And are they going to be fee competitive","temperature":0,"avg_logprob":-0.2162109375,"compression_ratio":1.7335423197492164,"no_speech_prob":0.01032257080078125,"words":[]},{"start":2453.68,"end":2455.2,"text":" with BlackRock who's coming in it?","temperature":0,"avg_logprob":-0.2162109375,"compression_ratio":1.7335423197492164,"no_speech_prob":0.01032257080078125,"words":[]},{"start":2455.2,"end":2456.2,"text":" I don't remember how many Bips,","temperature":0,"avg_logprob":-0.2162109375,"compression_ratio":1.7335423197492164,"no_speech_prob":0.01032257080078125,"words":[]},{"start":2456.2,"end":2457.44,"text":" but a low number of Bips.","temperature":0,"avg_logprob":-0.2162109375,"compression_ratio":1.7335423197492164,"no_speech_prob":0.01032257080078125,"words":[]},{"start":2457.44,"end":2459.12,"text":" With the Bitcoin and ETH ETFs, you mean?","temperature":0,"avg_logprob":-0.2162109375,"compression_ratio":1.7335423197492164,"no_speech_prob":0.01032257080078125,"words":[]},{"start":2459.12,"end":2459.96,"text":" Yeah.","temperature":0,"avg_logprob":-0.2162109375,"compression_ratio":1.7335423197492164,"no_speech_prob":0.01032257080078125,"words":[]},{"start":2459.96,"end":2462.3599999999997,"text":" So if like NASAC listed their own financial products,","temperature":0,"avg_logprob":-0.2162109375,"compression_ratio":1.7335423197492164,"no_speech_prob":0.01032257080078125,"words":[]},{"start":2462.3599999999997,"end":2464.3599999999997,"text":" which are competitive with what they're supposed","temperature":0,"avg_logprob":-0.2162109375,"compression_ratio":1.7335423197492164,"no_speech_prob":0.01032257080078125,"words":[]},{"start":2464.36,"end":2466.1200000000003,"text":" to offer a service of a platform to trade,","temperature":0,"avg_logprob":-0.18270089285714286,"compression_ratio":1.7058823529411764,"no_speech_prob":0.00757598876953125,"words":[]},{"start":2466.1200000000003,"end":2467.4,"text":" but then they're also offering products","temperature":0,"avg_logprob":-0.18270089285714286,"compression_ratio":1.7058823529411764,"no_speech_prob":0.00757598876953125,"words":[]},{"start":2467.4,"end":2469.32,"text":" that are competitive with other people,","temperature":0,"avg_logprob":-0.18270089285714286,"compression_ratio":1.7058823529411764,"no_speech_prob":0.00757598876953125,"words":[]},{"start":2469.32,"end":2471.32,"text":" it I'm kind of confused by how this works.","temperature":0,"avg_logprob":-0.18270089285714286,"compression_ratio":1.7058823529411764,"no_speech_prob":0.00757598876953125,"words":[]},{"start":2471.32,"end":2473.8,"text":" Yeah, I don't know that they would be offering","temperature":0,"avg_logprob":-0.18270089285714286,"compression_ratio":1.7058823529411764,"no_speech_prob":0.00757598876953125,"words":[]},{"start":2473.8,"end":2475,"text":" the products themselves.","temperature":0,"avg_logprob":-0.18270089285714286,"compression_ratio":1.7058823529411764,"no_speech_prob":0.00757598876953125,"words":[]},{"start":2475,"end":2477.36,"text":" They would just be like these products","temperature":0,"avg_logprob":-0.18270089285714286,"compression_ratio":1.7058823529411764,"no_speech_prob":0.00757598876953125,"words":[]},{"start":2477.36,"end":2479.36,"text":" could be available outside of an ETF","temperature":0,"avg_logprob":-0.18270089285714286,"compression_ratio":1.7058823529411764,"no_speech_prob":0.00757598876953125,"words":[]},{"start":2479.36,"end":2482.2000000000003,"text":" from some other issuer, I suppose.","temperature":0,"avg_logprob":-0.18270089285714286,"compression_ratio":1.7058823529411764,"no_speech_prob":0.00757598876953125,"words":[]},{"start":2482.2000000000003,"end":2483.04,"text":" Okay, yeah.","temperature":0,"avg_logprob":-0.18270089285714286,"compression_ratio":1.7058823529411764,"no_speech_prob":0.00757598876953125,"words":[]},{"start":2483.04,"end":2485.6800000000003,"text":" And so the only way they've been available right now","temperature":0,"avg_logprob":-0.18270089285714286,"compression_ratio":1.7058823529411764,"no_speech_prob":0.00757598876953125,"words":[]},{"start":2485.6800000000003,"end":2487.6400000000003,"text":" is an ETF form.","temperature":0,"avg_logprob":-0.18270089285714286,"compression_ratio":1.7058823529411764,"no_speech_prob":0.00757598876953125,"words":[]},{"start":2487.6400000000003,"end":2490.1600000000003,"text":" I'm not sure what that unlock is.","temperature":0,"avg_logprob":-0.18270089285714286,"compression_ratio":1.7058823529411764,"no_speech_prob":0.00757598876953125,"words":[]},{"start":2490.1600000000003,"end":2491.44,"text":" Yeah, what do we unlock here?","temperature":0,"avg_logprob":-0.18270089285714286,"compression_ratio":1.7058823529411764,"no_speech_prob":0.00757598876953125,"words":[]},{"start":2491.44,"end":2494.52,"text":" Because like the ETF is like the ERC20 token","temperature":0,"avg_logprob":-0.14519817073170732,"compression_ratio":1.8006329113924051,"no_speech_prob":0.01322174072265625,"words":[]},{"start":2494.52,"end":2496.56,"text":" for a Tratfai, like it's the composable 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world","temperature":0,"avg_logprob":-0.14519817073170732,"compression_ratio":1.8006329113924051,"no_speech_prob":0.01322174072265625,"words":[]},{"start":2511.84,"end":2513.8,"text":" of you have crypto exchanges over here.","temperature":0,"avg_logprob":-0.14519817073170732,"compression_ratio":1.8006329113924051,"no_speech_prob":0.01322174072265625,"words":[]},{"start":2513.8,"end":2515.68,"text":" And then you have all New York Stock Exchange,","temperature":0,"avg_logprob":-0.14519817073170732,"compression_ratio":1.8006329113924051,"no_speech_prob":0.01322174072265625,"words":[]},{"start":2515.68,"end":2517.64,"text":" all the Tratfai exchanges over here.","temperature":0,"avg_logprob":-0.14519817073170732,"compression_ratio":1.8006329113924051,"no_speech_prob":0.01322174072265625,"words":[]},{"start":2517.64,"end":2520.12,"text":" And now these can list crypto assets,","temperature":0,"avg_logprob":-0.14519817073170732,"compression_ratio":1.8006329113924051,"no_speech_prob":0.01322174072265625,"words":[]},{"start":2520.12,"end":2522.92,"text":" the Tratfai exchanges and the crypto exchanges","temperature":0,"avg_logprob":-0.1989658273381295,"compression_ratio":1.7532894736842106,"no_speech_prob":0.00014889240264892578,"words":[]},{"start":2522.92,"end":2524.92,"text":" were seeing them evolve to start listing equities","temperature":0,"avg_logprob":-0.1989658273381295,"compression_ratio":1.7532894736842106,"no_speech_prob":0.00014889240264892578,"words":[]},{"start":2524.92,"end":2525.7999999999997,"text":" and tokens.","temperature":0,"avg_logprob":-0.1989658273381295,"compression_ratio":1.7532894736842106,"no_speech_prob":0.00014889240264892578,"words":[]},{"start":2525.7999999999997,"end":2529.3199999999997,"text":" So it's just another marker of the growing 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OpenAI,","temperature":0,"avg_logprob":-0.24433876811594202,"compression_ratio":1.573208722741433,"no_speech_prob":0.0002694129943847656,"words":[]},{"start":2741.76,"end":2745.6400000000003,"text":" DoorDash get in Shopify, Standard Chartered Visa and more.","temperature":0,"avg_logprob":-0.24433876811594202,"compression_ratio":1.573208722741433,"no_speech_prob":0.0002694129943847656,"words":[]},{"start":2745.6400000000003,"end":2747.28,"text":" Interesting to see some of the AI companies","temperature":0,"avg_logprob":-0.24433876811594202,"compression_ratio":1.573208722741433,"no_speech_prob":0.0002694129943847656,"words":[]},{"start":2747.28,"end":2751.44,"text":" in their obviously blockchains and AI's go together.","temperature":0,"avg_logprob":-0.1819282945736434,"compression_ratio":1.7058823529411764,"no_speech_prob":0.0017538070678710938,"words":[]},{"start":2751.44,"end":2753.92,"text":" How are AI's going to send money on a blockchain?","temperature":0,"avg_logprob":-0.1819282945736434,"compression_ratio":1.7058823529411764,"no_speech_prob":0.0017538070678710938,"words":[]},{"start":2753.92,"end":2755.0800000000004,"text":" It makes way more sense.","temperature":0,"avg_logprob":-0.1819282945736434,"compression_ratio":1.7058823529411764,"no_speech_prob":0.0017538070678710938,"words":[]},{"start":2755.92,"end":2757.84,"text":" Tempo is being designed to be a payment.","temperature":0,"avg_logprob":-0.1819282945736434,"compression_ratio":1.7058823529411764,"no_speech_prob":0.0017538070678710938,"words":[]},{"start":2757.84,"end":2760.1600000000003,"text":" I'm also reading from Matt Huang's tweet.","temperature":0,"avg_logprob":-0.1819282945736434,"compression_ratio":1.7058823529411764,"no_speech_prob":0.0017538070678710938,"words":[]},{"start":2760.1600000000003,"end":2763.0800000000004,"text":" Tempo's payment first design includes predictable low fees,","temperature":0,"avg_logprob":-0.1819282945736434,"compression_ratio":1.7058823529411764,"no_speech_prob":0.0017538070678710938,"words":[]},{"start":2763.0800000000004,"end":2766.96,"text":" payments and gas in any stablecoin via an enshrined AMM.","temperature":0,"avg_logprob":-0.1819282945736434,"compression_ratio":1.7058823529411764,"no_speech_prob":0.0017538070678710938,"words":[]},{"start":2766.96,"end":2767.8,"text":" What does that mean?","temperature":0,"avg_logprob":-0.1819282945736434,"compression_ratio":1.7058823529411764,"no_speech_prob":0.0017538070678710938,"words":[]},{"start":2767.8,"end":2770,"text":" That means that the Tempo blockchain has an AMM","temperature":0,"avg_logprob":-0.1819282945736434,"compression_ratio":1.7058823529411764,"no_speech_prob":0.0017538070678710938,"words":[]},{"start":2770,"end":2772.0800000000004,"text":" built directly into the blockchain.","temperature":0,"avg_logprob":-0.1819282945736434,"compression_ratio":1.7058823529411764,"no_speech_prob":0.0017538070678710938,"words":[]},{"start":2772.0800000000004,"end":2775.1600000000003,"text":" Paradigm also Dan from Paradigm","temperature":0,"avg_logprob":-0.1819282945736434,"compression_ratio":1.7058823529411764,"no_speech_prob":0.0017538070678710938,"words":[]},{"start":2775.44,"end":2778.48,"text":" just basically helped build Uniswap V3 and V4.","temperature":0,"avg_logprob":-0.19229910714285714,"compression_ratio":1.509493670886076,"no_speech_prob":0.01715087890625,"words":[]},{"start":2778.48,"end":2780.92,"text":" So I would assume this is very significantly overlapping","temperature":0,"avg_logprob":-0.19229910714285714,"compression_ratio":1.509493670886076,"no_speech_prob":0.01715087890625,"words":[]},{"start":2780.92,"end":2783.3999999999996,"text":" with Uniswap to put that right into the blockchain.","temperature":0,"avg_logprob":-0.19229910714285714,"compression_ratio":1.509493670886076,"no_speech_prob":0.01715087890625,"words":[]},{"start":2783.3999999999996,"end":2785.48,"text":" And then because it's enthrined,","temperature":0,"avg_logprob":-0.19229910714285714,"compression_ratio":1.509493670886076,"no_speech_prob":0.01715087890625,"words":[]},{"start":2785.48,"end":2788.16,"text":" you can just pay for gas via any token","temperature":0,"avg_logprob":-0.19229910714285714,"compression_ratio":1.509493670886076,"no_speech_prob":0.01715087890625,"words":[]},{"start":2788.16,"end":2790.8799999999997,"text":" by having liquidity access through the AMM.","temperature":0,"avg_logprob":-0.19229910714285714,"compression_ratio":1.509493670886076,"no_speech_prob":0.01715087890625,"words":[]},{"start":2790.8799999999997,"end":2791.7599999999998,"text":" That's kind of cool.","temperature":0,"avg_logprob":-0.19229910714285714,"compression_ratio":1.509493670886076,"no_speech_prob":0.01715087890625,"words":[]},{"start":2791.7599999999998,"end":2794.2799999999997,"text":" Payments first UX, dedicated payment lane memos,","temperature":0,"avg_logprob":-0.19229910714285714,"compression_ratio":1.509493670886076,"no_speech_prob":0.01715087890625,"words":[]},{"start":2794.2799999999997,"end":2797.44,"text":" access lists, et cetera, opt-in privacy,","temperature":0,"avg_logprob":-0.19229910714285714,"compression_ratio":1.509493670886076,"no_speech_prob":0.01715087890625,"words":[]},{"start":2797.44,"end":2799.8799999999997,"text":" scale 100,000 transactions per second","temperature":0,"avg_logprob":-0.19229910714285714,"compression_ratio":1.509493670886076,"no_speech_prob":0.01715087890625,"words":[]},{"start":2799.8799999999997,"end":2801.96,"text":" with sub-second finality.","temperature":0,"avg_logprob":-0.19229910714285714,"compression_ratio":1.509493670886076,"no_speech_prob":0.01715087890625,"words":[]},{"start":2801.96,"end":2803.8799999999997,"text":" And this is all built on Reth.","temperature":0,"avg_logprob":-0.19229910714285714,"compression_ratio":1.509493670886076,"no_speech_prob":0.01715087890625,"words":[]},{"start":2803.88,"end":2807.1600000000003,"text":" The Rust Ethereum client pioneered by Georgios","temperature":0,"avg_logprob":-0.21416823308270677,"compression_ratio":1.5635179153094463,"no_speech_prob":0.0013246536254882812,"words":[]},{"start":2807.1600000000003,"end":2808.44,"text":" in the Paradigm team.","temperature":0,"avg_logprob":-0.21416823308270677,"compression_ratio":1.5635179153094463,"no_speech_prob":0.0013246536254882812,"words":[]},{"start":2808.44,"end":2811.96,"text":" So this is Reth's first big debut in production","temperature":0,"avg_logprob":-0.21416823308270677,"compression_ratio":1.5635179153094463,"no_speech_prob":0.0013246536254882812,"words":[]},{"start":2811.96,"end":2816.32,"text":" as a dedicated client for a layer one blockchain.","temperature":0,"avg_logprob":-0.21416823308270677,"compression_ratio":1.5635179153094463,"no_speech_prob":0.0013246536254882812,"words":[]},{"start":2816.32,"end":2817.96,"text":" And then lastly, Tempo eases the path","temperature":0,"avg_logprob":-0.21416823308270677,"compression_ratio":1.5635179153094463,"no_speech_prob":0.0013246536254882812,"words":[]},{"start":2817.96,"end":2820.8,"text":" to bringing real workflows on chains such as global payments,","temperature":0,"avg_logprob":-0.21416823308270677,"compression_ratio":1.5635179153094463,"no_speech_prob":0.0013246536254882812,"words":[]},{"start":2820.8,"end":2823.6,"text":" pay-in, pay-outs, pay-ins and pay-roll,","temperature":0,"avg_logprob":-0.21416823308270677,"compression_ratio":1.5635179153094463,"no_speech_prob":0.0013246536254882812,"words":[]},{"start":2823.6,"end":2825.84,"text":" embedded financial accounts, fast and cheap remittances,","temperature":0,"avg_logprob":-0.21416823308270677,"compression_ratio":1.5635179153094463,"no_speech_prob":0.0013246536254882812,"words":[]},{"start":2825.84,"end":2827.92,"text":" tokenized deposits for 24-7 settlement,","temperature":0,"avg_logprob":-0.21416823308270677,"compression_ratio":1.5635179153094463,"no_speech_prob":0.0013246536254882812,"words":[]},{"start":2827.92,"end":2831.2000000000003,"text":" micro-transactions and agent payments.","temperature":0,"avg_logprob":-0.21416823308270677,"compression_ratio":1.5635179153094463,"no_speech_prob":0.0013246536254882812,"words":[]},{"start":2831.2000000000003,"end":2833.6,"text":" Interestingly, we are building Tempo.","temperature":0,"avg_logprob":-0.21416823308270677,"compression_ratio":1.5635179153094463,"no_speech_prob":0.0013246536254882812,"words":[]},{"start":2833.6,"end":2835.68,"text":" This map, again, it's always been met.","temperature":0,"avg_logprob":-0.1696797520661157,"compression_ratio":1.640926640926641,"no_speech_prob":0.0014543533325195312,"words":[]},{"start":2835.68,"end":2837.12,"text":" We are building Tempo with principles","temperature":0,"avg_logprob":-0.1696797520661157,"compression_ratio":1.640926640926641,"no_speech_prob":0.0014543533325195312,"words":[]},{"start":2837.12,"end":2838.7599999999998,"text":" of decentralization and neutrality.","temperature":0,"avg_logprob":-0.1696797520661157,"compression_ratio":1.640926640926641,"no_speech_prob":0.0014543533325195312,"words":[]},{"start":2838.7599999999998,"end":2840.8399999999997,"text":" That includes stablecoin and neutrality.","temperature":0,"avg_logprob":-0.1696797520661157,"compression_ratio":1.640926640926641,"no_speech_prob":0.0014543533325195312,"words":[]},{"start":2840.8399999999997,"end":2842.48,"text":" Anyone can issue a stablecoin","temperature":0,"avg_logprob":-0.1696797520661157,"compression_ratio":1.640926640926641,"no_speech_prob":0.0014543533325195312,"words":[]},{"start":2842.48,"end":2845.6,"text":" and any stablecoin can be used for payments or gas,","temperature":0,"avg_logprob":-0.1696797520661157,"compression_ratio":1.640926640926641,"no_speech_prob":0.0014543533325195312,"words":[]},{"start":2845.6,"end":2849.04,"text":" along with an independent and diverse value set","temperature":0,"avg_logprob":-0.1696797520661157,"compression_ratio":1.640926640926641,"no_speech_prob":0.0014543533325195312,"words":[]},{"start":2849.04,"end":2853.64,"text":" with Ryan, a roadmap to a permissionless model","temperature":0,"avg_logprob":-0.1696797520661157,"compression_ratio":1.640926640926641,"no_speech_prob":0.0014543533325195312,"words":[]},{"start":2853.64,"end":2856.3199999999997,"text":" which I find interesting.","temperature":0,"avg_logprob":-0.1696797520661157,"compression_ratio":1.640926640926641,"no_speech_prob":0.0014543533325195312,"words":[]},{"start":2856.3199999999997,"end":2857.52,"text":" It is interesting.","temperature":0,"avg_logprob":-0.1696797520661157,"compression_ratio":1.640926640926641,"no_speech_prob":0.0014543533325195312,"words":[]},{"start":2857.52,"end":2861.04,"text":" And so this is EVM, which is cool.","temperature":0,"avg_logprob":-0.1696797520661157,"compression_ratio":1.640926640926641,"no_speech_prob":0.0014543533325195312,"words":[]},{"start":2861.04,"end":2861.88,"text":" It's all Reth.","temperature":0,"avg_logprob":-0.1696797520661157,"compression_ratio":1.640926640926641,"no_speech_prob":0.0014543533325195312,"words":[]},{"start":2861.92,"end":2863.56,"text":" So you can see this is really a fusion of,","temperature":0,"avg_logprob":-0.1667906746031746,"compression_ratio":1.5847750865051904,"no_speech_prob":0.0028438568115234375,"words":[]},{"start":2863.56,"end":2866.84,"text":" there's a lot of paradigm influence in this as well.","temperature":0,"avg_logprob":-0.1667906746031746,"compression_ratio":1.5847750865051904,"no_speech_prob":0.0028438568115234375,"words":[]},{"start":2866.84,"end":2868.7200000000003,"text":" I actually got some of the inside scoop","temperature":0,"avg_logprob":-0.1667906746031746,"compression_ratio":1.5847750865051904,"no_speech_prob":0.0028438568115234375,"words":[]},{"start":2868.7200000000003,"end":2871.08,"text":" because I talked to Zach Abrams earlier this week.","temperature":0,"avg_logprob":-0.1667906746031746,"compression_ratio":1.5847750865051904,"no_speech_prob":0.0028438568115234375,"words":[]},{"start":2871.08,"end":2874.8,"text":" That episode's going to be out on Monday, I believe.","temperature":0,"avg_logprob":-0.1667906746031746,"compression_ratio":1.5847750865051904,"no_speech_prob":0.0028438568115234375,"words":[]},{"start":2874.8,"end":2878.56,"text":" And Zach is the guy who sold a bridge.","temperature":0,"avg_logprob":-0.1667906746031746,"compression_ratio":1.5847750865051904,"no_speech_prob":0.0028438568115234375,"words":[]},{"start":2878.56,"end":2882.04,"text":" It was basically a stablecoin payments company.","temperature":0,"avg_logprob":-0.1667906746031746,"compression_ratio":1.5847750865051904,"no_speech_prob":0.0028438568115234375,"words":[]},{"start":2882.04,"end":2885.32,"text":" He sold bridge to Stripe for a billion dollars.","temperature":0,"avg_logprob":-0.1667906746031746,"compression_ratio":1.5847750865051904,"no_speech_prob":0.0028438568115234375,"words":[]},{"start":2885.32,"end":2889.56,"text":" And Matt's had a key role in actually selecting this platform","temperature":0,"avg_logprob":-0.1667906746031746,"compression_ratio":1.5847750865051904,"no_speech_prob":0.0028438568115234375,"words":[]},{"start":2889.56,"end":2891,"text":" and going with an L1.","temperature":0,"avg_logprob":-0.1667906746031746,"compression_ratio":1.5847750865051904,"no_speech_prob":0.0028438568115234375,"words":[]},{"start":2891.04,"end":2892.44,"text":" And so I asked him, I was like, Zach,","temperature":0,"avg_logprob":-0.1967230902777778,"compression_ratio":1.6613418530351438,"no_speech_prob":0.0003352165222167969,"words":[]},{"start":2892.44,"end":2893.72,"text":" why did you guys do it?","temperature":0,"avg_logprob":-0.1967230902777778,"compression_ratio":1.6613418530351438,"no_speech_prob":0.0003352165222167969,"words":[]},{"start":2893.72,"end":2895.76,"text":" And he went through a case, actually he tweeted about this.","temperature":0,"avg_logprob":-0.1967230902777778,"compression_ratio":1.6613418530351438,"no_speech_prob":0.0003352165222167969,"words":[]},{"start":2895.76,"end":2900.04,"text":" But one of the things that they had been trying to do","temperature":0,"avg_logprob":-0.1967230902777778,"compression_ratio":1.6613418530351438,"no_speech_prob":0.0003352165222167969,"words":[]},{"start":2900.04,"end":2903.24,"text":" at bridge was do like basically an air drop.","temperature":0,"avg_logprob":-0.1967230902777778,"compression_ratio":1.6613418530351438,"no_speech_prob":0.0003352165222167969,"words":[]},{"start":2903.24,"end":2904.76,"text":" Imagine, for instance, if you,","temperature":0,"avg_logprob":-0.1967230902777778,"compression_ratio":1.6613418530351438,"no_speech_prob":0.0003352165222167969,"words":[]},{"start":2904.76,"end":2906.84,"text":" remember the STEMi checks we all got,","temperature":0,"avg_logprob":-0.1967230902777778,"compression_ratio":1.6613418530351438,"no_speech_prob":0.0003352165222167969,"words":[]},{"start":2906.84,"end":2908.6,"text":" imagine he wanted to issue STEMi checks","temperature":0,"avg_logprob":-0.1967230902777778,"compression_ratio":1.6613418530351438,"no_speech_prob":0.0003352165222167969,"words":[]},{"start":2908.6,"end":2910.2,"text":" like 50 million Americans.","temperature":0,"avg_logprob":-0.1967230902777778,"compression_ratio":1.6613418530351438,"no_speech_prob":0.0003352165222167969,"words":[]},{"start":2910.2,"end":2912.4,"text":" And they did some of this, I forget what country he mentioned,","temperature":0,"avg_logprob":-0.1967230902777778,"compression_ratio":1.6613418530351438,"no_speech_prob":0.0003352165222167969,"words":[]},{"start":2912.4,"end":2917.12,"text":" but they were doing large scale air drops of stablecoins","temperature":0,"avg_logprob":-0.1967230902777778,"compression_ratio":1.6613418530351438,"no_speech_prob":0.0003352165222167969,"words":[]},{"start":2917.12,"end":2919.44,"text":" to some users for some particular use case.","temperature":0,"avg_logprob":-0.1967230902777778,"compression_ratio":1.6613418530351438,"no_speech_prob":0.0003352165222167969,"words":[]},{"start":2920.28,"end":2921.7200000000003,"text":" It's a none of the change.","temperature":0,"avg_logprob":-0.17985611510791366,"compression_ratio":1.6619217081850535,"no_speech_prob":0.0036487579345703125,"words":[]},{"start":2921.7200000000003,"end":2924.56,"text":" None of the L1s could actually support that use case.","temperature":0,"avg_logprob":-0.17985611510791366,"compression_ratio":1.6619217081850535,"no_speech_prob":0.0036487579345703125,"words":[]},{"start":2924.56,"end":2927.6,"text":" They were too slow, cost too much in terms of gas.","temperature":0,"avg_logprob":-0.17985611510791366,"compression_ratio":1.6619217081850535,"no_speech_prob":0.0036487579345703125,"words":[]},{"start":2927.6,"end":2929.32,"text":" They even tried things like stellar.","temperature":0,"avg_logprob":-0.17985611510791366,"compression_ratio":1.6619217081850535,"no_speech_prob":0.0036487579345703125,"words":[]},{"start":2929.32,"end":2930.16,"text":" So people I don't remember,","temperature":0,"avg_logprob":-0.17985611510791366,"compression_ratio":1.6619217081850535,"no_speech_prob":0.0036487579345703125,"words":[]},{"start":2930.16,"end":2932.16,"text":" but Stripe was an early investor in stellar.","temperature":0,"avg_logprob":-0.17985611510791366,"compression_ratio":1.6619217081850535,"no_speech_prob":0.0036487579345703125,"words":[]},{"start":2932.16,"end":2934.68,"text":" And that was a chain that they were attempting this on.","temperature":0,"avg_logprob":-0.17985611510791366,"compression_ratio":1.6619217081850535,"no_speech_prob":0.0036487579345703125,"words":[]},{"start":2934.68,"end":2936,"text":" Yeah, okay.","temperature":0,"avg_logprob":-0.17985611510791366,"compression_ratio":1.6619217081850535,"no_speech_prob":0.0036487579345703125,"words":[]},{"start":2936,"end":2938,"text":" And so his take was basically,","temperature":0,"avg_logprob":-0.17985611510791366,"compression_ratio":1.6619217081850535,"no_speech_prob":0.0036487579345703125,"words":[]},{"start":2938,"end":2940.88,"text":" we couldn't accomplish this with any public L1.","temperature":0,"avg_logprob":-0.17985611510791366,"compression_ratio":1.6619217081850535,"no_speech_prob":0.0036487579345703125,"words":[]},{"start":2940.88,"end":2943.04,"text":" And so we needed to roll our own.","temperature":0,"avg_logprob":-0.17985611510791366,"compression_ratio":1.6619217081850535,"no_speech_prob":0.0036487579345703125,"words":[]},{"start":2943.04,"end":2945.6,"text":" And so if you want that sub-second finality,","temperature":0,"avg_logprob":-0.17985611510791366,"compression_ratio":1.6619217081850535,"no_speech_prob":0.0036487579345703125,"words":[]},{"start":2945.6,"end":2949.16,"text":" and if you want the, even the privacy","temperature":0,"avg_logprob":-0.16919642857142858,"compression_ratio":1.5923344947735192,"no_speech_prob":0.0008296966552734375,"words":[]},{"start":2949.16,"end":2951.2,"text":" and to like low gas fees,","temperature":0,"avg_logprob":-0.16919642857142858,"compression_ratio":1.5923344947735192,"no_speech_prob":0.0008296966552734375,"words":[]},{"start":2951.2,"end":2954.48,"text":" layer one for them, he said was the only option.","temperature":0,"avg_logprob":-0.16919642857142858,"compression_ratio":1.5923344947735192,"no_speech_prob":0.0008296966552734375,"words":[]},{"start":2954.48,"end":2956.44,"text":" So that's some of the reason why","temperature":0,"avg_logprob":-0.16919642857142858,"compression_ratio":1.5923344947735192,"no_speech_prob":0.0008296966552734375,"words":[]},{"start":2956.44,"end":2958.8399999999997,"text":" and some of the use cases around it.","temperature":0,"avg_logprob":-0.16919642857142858,"compression_ratio":1.5923344947735192,"no_speech_prob":0.0008296966552734375,"words":[]},{"start":2958.8399999999997,"end":2960.96,"text":" Now, I find that answer incomplete,","temperature":0,"avg_logprob":-0.16919642857142858,"compression_ratio":1.5923344947735192,"no_speech_prob":0.0008296966552734375,"words":[]},{"start":2960.96,"end":2962.16,"text":" but I'll accept it for now.","temperature":0,"avg_logprob":-0.16919642857142858,"compression_ratio":1.5923344947735192,"no_speech_prob":0.0008296966552734375,"words":[]},{"start":2962.16,"end":2964.2,"text":" Yeah, he was also very quick to say,","temperature":0,"avg_logprob":-0.16919642857142858,"compression_ratio":1.5923344947735192,"no_speech_prob":0.0008296966552734375,"words":[]},{"start":2964.2,"end":2966,"text":" this isn't Stripe's chain, right?","temperature":0,"avg_logprob":-0.16919642857142858,"compression_ratio":1.5923344947735192,"no_speech_prob":0.0008296966552734375,"words":[]},{"start":2966,"end":2969.12,"text":" And as you saw that consortium of other companies,","temperature":0,"avg_logprob":-0.16919642857142858,"compression_ratio":1.5923344947735192,"no_speech_prob":0.0008296966552734375,"words":[]},{"start":2969.12,"end":2970.48,"text":" it almost reminds me a little bit","temperature":0,"avg_logprob":-0.16919642857142858,"compression_ratio":1.5923344947735192,"no_speech_prob":0.0008296966552734375,"words":[]},{"start":2970.48,"end":2972.16,"text":" of the resurrection of Libra.","temperature":0,"avg_logprob":-0.16919642857142858,"compression_ratio":1.5923344947735192,"no_speech_prob":0.0008296966552734375,"words":[]},{"start":2972.16,"end":2973.3199999999997,"text":" Just on a smaller scale.","temperature":0,"avg_logprob":-0.16919642857142858,"compression_ratio":1.5923344947735192,"no_speech_prob":0.0008296966552734375,"words":[]},{"start":2973.32,"end":2975.6400000000003,"text":" It's just Libra, this is Libra.","temperature":0,"avg_logprob":-0.18238811728395063,"compression_ratio":1.6966666666666668,"no_speech_prob":0.0017824172973632812,"words":[]},{"start":2975.6400000000003,"end":2977.04,"text":" But Libra was not EVM.","temperature":0,"avg_logprob":-0.18238811728395063,"compression_ratio":1.6966666666666668,"no_speech_prob":0.0017824172973632812,"words":[]},{"start":2977.04,"end":2979.1200000000003,"text":" Now they're doing a Libra version with EVM","temperature":0,"avg_logprob":-0.18238811728395063,"compression_ratio":1.6966666666666668,"no_speech_prob":0.0017824172973632812,"words":[]},{"start":2979.1200000000003,"end":2980.44,"text":" and sort of a consortium.","temperature":0,"avg_logprob":-0.18238811728395063,"compression_ratio":1.6966666666666668,"no_speech_prob":0.0017824172973632812,"words":[]},{"start":2980.44,"end":2983.7200000000003,"text":" So this is the spirit of Libra.","temperature":0,"avg_logprob":-0.18238811728395063,"compression_ratio":1.6966666666666668,"no_speech_prob":0.0017824172973632812,"words":[]},{"start":2983.7200000000003,"end":2984.7200000000003,"text":" Same kind of fly.","temperature":0,"avg_logprob":-0.18238811728395063,"compression_ratio":1.6966666666666668,"no_speech_prob":0.0017824172973632812,"words":[]},{"start":2984.7200000000003,"end":2986.2000000000003,"text":" Which honestly you have to give credit to Libra","temperature":0,"avg_logprob":-0.18238811728395063,"compression_ratio":1.6966666666666668,"no_speech_prob":0.0017824172973632812,"words":[]},{"start":2986.2000000000003,"end":2987.48,"text":" for being way ahead of its time.","temperature":0,"avg_logprob":-0.18238811728395063,"compression_ratio":1.6966666666666668,"no_speech_prob":0.0017824172973632812,"words":[]},{"start":2987.48,"end":2989.56,"text":" Yeah, it was just like wasn't politically tenable","temperature":0,"avg_logprob":-0.18238811728395063,"compression_ratio":1.6966666666666668,"no_speech_prob":0.0017824172973632812,"words":[]},{"start":2989.56,"end":2991.1600000000003,"text":" at the time and what totally is.","temperature":0,"avg_logprob":-0.18238811728395063,"compression_ratio":1.6966666666666668,"no_speech_prob":0.0017824172973632812,"words":[]},{"start":2991.1600000000003,"end":2992.48,"text":" That's why they're doing this.","temperature":0,"avg_logprob":-0.18238811728395063,"compression_ratio":1.6966666666666668,"no_speech_prob":0.0017824172973632812,"words":[]},{"start":2992.48,"end":2993.48,"text":" Yeah.","temperature":0,"avg_logprob":-0.18238811728395063,"compression_ratio":1.6966666666666668,"no_speech_prob":0.0017824172973632812,"words":[]},{"start":2993.48,"end":2994.56,"text":" Dave, there's some big moves","temperature":0,"avg_logprob":-0.18238811728395063,"compression_ratio":1.6966666666666668,"no_speech_prob":0.0017824172973632812,"words":[]},{"start":2994.56,"end":2996.36,"text":" in the tokenized securities world.","temperature":0,"avg_logprob":-0.18238811728395063,"compression_ratio":1.6966666666666668,"no_speech_prob":0.0017824172973632812,"words":[]},{"start":2996.36,"end":2997.8,"text":" The first was Ondo.","temperature":0,"avg_logprob":-0.18238811728395063,"compression_ratio":1.6966666666666668,"no_speech_prob":0.0017824172973632812,"words":[]},{"start":2997.8,"end":3002.6000000000004,"text":" So Ondo launched tokenized securities on Ethereum.","temperature":0,"avg_logprob":-0.18238811728395063,"compression_ratio":1.6966666666666668,"no_speech_prob":0.0017824172973632812,"words":[]},{"start":3002.6,"end":3005.2799999999997,"text":" So are you familiar with Ondo at all, David?","temperature":0,"avg_logprob":-0.16290838068181818,"compression_ratio":1.6098265895953756,"no_speech_prob":0.0010004043579101562,"words":[]},{"start":3005.2799999999997,"end":3006.12,"text":" I know the name.","temperature":0,"avg_logprob":-0.16290838068181818,"compression_ratio":1.6098265895953756,"no_speech_prob":0.0010004043579101562,"words":[]},{"start":3006.12,"end":3008.4,"text":" I haven't really ever done the rabbit hole deep dive.","temperature":0,"avg_logprob":-0.16290838068181818,"compression_ratio":1.6098265895953756,"no_speech_prob":0.0010004043579101562,"words":[]},{"start":3008.4,"end":3010,"text":" They've been around for a very long time.","temperature":0,"avg_logprob":-0.16290838068181818,"compression_ratio":1.6098265895953756,"no_speech_prob":0.0010004043579101562,"words":[]},{"start":3010,"end":3011.44,"text":" They've been pretty big in the world","temperature":0,"avg_logprob":-0.16290838068181818,"compression_ratio":1.6098265895953756,"no_speech_prob":0.0010004043579101562,"words":[]},{"start":3011.44,"end":3013.7599999999998,"text":" of tokenized treasuries for a while.","temperature":0,"avg_logprob":-0.16290838068181818,"compression_ratio":1.6098265895953756,"no_speech_prob":0.0010004043579101562,"words":[]},{"start":3013.7599999999998,"end":3015.92,"text":" And this is their first attempt, I believe.","temperature":0,"avg_logprob":-0.16290838068181818,"compression_ratio":1.6098265895953756,"no_speech_prob":0.0010004043579101562,"words":[]},{"start":3015.92,"end":3016.7599999999998,"text":" It's restricted.","temperature":0,"avg_logprob":-0.16290838068181818,"compression_ratio":1.6098265895953756,"no_speech_prob":0.0010004043579101562,"words":[]},{"start":3016.7599999999998,"end":3017.6,"text":" So here's the thing.","temperature":0,"avg_logprob":-0.16290838068181818,"compression_ratio":1.6098265895953756,"no_speech_prob":0.0010004043579101562,"words":[]},{"start":3017.6,"end":3019.24,"text":" It's not available for people in the US.","temperature":0,"avg_logprob":-0.16290838068181818,"compression_ratio":1.6098265895953756,"no_speech_prob":0.0010004043579101562,"words":[]},{"start":3019.24,"end":3021,"text":" So I'm not on a VPN right now.","temperature":0,"avg_logprob":-0.16290838068181818,"compression_ratio":1.6098265895953756,"no_speech_prob":0.0010004043579101562,"words":[]},{"start":3021,"end":3022.3199999999997,"text":" Just like a good American.","temperature":0,"avg_logprob":-0.16290838068181818,"compression_ratio":1.6098265895953756,"no_speech_prob":0.0010004043579101562,"words":[]},{"start":3022.3199999999997,"end":3024.64,"text":" I can't access this.","temperature":0,"avg_logprob":-0.16290838068181818,"compression_ratio":1.6098265895953756,"no_speech_prob":0.0010004043579101562,"words":[]},{"start":3024.64,"end":3028.16,"text":" But it has a whole bunch of stocks, ETFs.","temperature":0,"avg_logprob":-0.16290838068181818,"compression_ratio":1.6098265895953756,"no_speech_prob":0.0010004043579101562,"words":[]},{"start":3028.16,"end":3030.3199999999997,"text":" There are some limits in terms of how much you can buy.","temperature":0,"avg_logprob":-0.16290838068181818,"compression_ratio":1.6098265895953756,"no_speech_prob":0.0010004043579101562,"words":[]},{"start":3030.3199999999997,"end":3032.2,"text":" ETFs, all the big things.","temperature":0,"avg_logprob":-0.16290838068181818,"compression_ratio":1.6098265895953756,"no_speech_prob":0.0010004043579101562,"words":[]},{"start":3032.2000000000003,"end":3034.44,"text":" I know it's like 100, 200 different stocks","temperature":0,"avg_logprob":-0.1561175847457627,"compression_ratio":1.754863813229572,"no_speech_prob":0.0003352165222167969,"words":[]},{"start":3034.44,"end":3036.8,"text":" and ETFs that you can buy.","temperature":0,"avg_logprob":-0.1561175847457627,"compression_ratio":1.754863813229572,"no_speech_prob":0.0003352165222167969,"words":[]},{"start":3036.8,"end":3039.5200000000004,"text":" And the benefit here is it's not like X stocks.","temperature":0,"avg_logprob":-0.1561175847457627,"compression_ratio":1.754863813229572,"no_speech_prob":0.0003352165222167969,"words":[]},{"start":3039.5200000000004,"end":3043.88,"text":" So the benefit here is you get a better liquidity guarantees.","temperature":0,"avg_logprob":-0.1561175847457627,"compression_ratio":1.754863813229572,"no_speech_prob":0.0003352165222167969,"words":[]},{"start":3043.88,"end":3045.6800000000003,"text":" So the problem with some of the tokenized securities","temperature":0,"avg_logprob":-0.1561175847457627,"compression_ratio":1.754863813229572,"no_speech_prob":0.0003352165222167969,"words":[]},{"start":3045.6800000000003,"end":3050.1200000000003,"text":" like X stocks was there almost like a synthetic version.","temperature":0,"avg_logprob":-0.1561175847457627,"compression_ratio":1.754863813229572,"no_speech_prob":0.0003352165222167969,"words":[]},{"start":3050.1200000000003,"end":3053.44,"text":" And they would trade off the price and liquidity","temperature":0,"avg_logprob":-0.1561175847457627,"compression_ratio":1.754863813229572,"no_speech_prob":0.0003352165222167969,"words":[]},{"start":3053.44,"end":3056.4,"text":" of kind of the primary versions of these assets","temperature":0,"avg_logprob":-0.1561175847457627,"compression_ratio":1.754863813229572,"no_speech_prob":0.0003352165222167969,"words":[]},{"start":3056.4,"end":3059.7200000000003,"text":" that were on like real trad-fi exchanges.","temperature":0,"avg_logprob":-0.1561175847457627,"compression_ratio":1.754863813229572,"no_speech_prob":0.0003352165222167969,"words":[]},{"start":3059.7200000000003,"end":3061.2400000000002,"text":" This gets around that.","temperature":0,"avg_logprob":-0.1561175847457627,"compression_ratio":1.754863813229572,"no_speech_prob":0.0003352165222167969,"words":[]},{"start":3061.2400000000002,"end":3062.7200000000003,"text":" And I'll tell you how it gets around this.","temperature":0,"avg_logprob":-0.15858759842519685,"compression_ratio":1.625,"no_speech_prob":0.00017952919006347656,"words":[]},{"start":3062.7200000000003,"end":3064.44,"text":" This is on Ethereum, but it's actually","temperature":0,"avg_logprob":-0.15858759842519685,"compression_ratio":1.625,"no_speech_prob":0.00017952919006347656,"words":[]},{"start":3064.44,"end":3067.1600000000003,"text":" using intense infrastructure.","temperature":0,"avg_logprob":-0.15858759842519685,"compression_ratio":1.625,"no_speech_prob":0.00017952919006347656,"words":[]},{"start":3067.1600000000003,"end":3068.6400000000003,"text":" This is actually a unique use case","temperature":0,"avg_logprob":-0.15858759842519685,"compression_ratio":1.625,"no_speech_prob":0.00017952919006347656,"words":[]},{"start":3068.6400000000003,"end":3072.1200000000003,"text":" for Ethereum real world assets, how they work.","temperature":0,"avg_logprob":-0.15858759842519685,"compression_ratio":1.625,"no_speech_prob":0.00017952919006347656,"words":[]},{"start":3072.1200000000003,"end":3074.7200000000003,"text":" So I was talking to the team.","temperature":0,"avg_logprob":-0.15858759842519685,"compression_ratio":1.625,"no_speech_prob":0.00017952919006347656,"words":[]},{"start":3074.7200000000003,"end":3076.88,"text":" Our liquidity model they said is fundamentally different","temperature":0,"avg_logprob":-0.15858759842519685,"compression_ratio":1.625,"no_speech_prob":0.00017952919006347656,"words":[]},{"start":3076.88,"end":3079.5600000000004,"text":" from existing permissionless solutions like X stocks.","temperature":0,"avg_logprob":-0.15858759842519685,"compression_ratio":1.625,"no_speech_prob":0.00017952919006347656,"words":[]},{"start":3079.5600000000004,"end":3082.36,"text":" We do not rely on on-chain market inventory.","temperature":0,"avg_logprob":-0.15858759842519685,"compression_ratio":1.625,"no_speech_prob":0.00017952919006347656,"words":[]},{"start":3082.36,"end":3085.88,"text":" Instead, their architecture runs on intense-based systems","temperature":0,"avg_logprob":-0.15858759842519685,"compression_ratio":1.625,"no_speech_prob":0.00017952919006347656,"words":[]},{"start":3085.88,"end":3087.2000000000003,"text":" where the tokenized stock is only","temperature":0,"avg_logprob":-0.15858759842519685,"compression_ratio":1.625,"no_speech_prob":0.00017952919006347656,"words":[]},{"start":3087.2000000000003,"end":3090.28,"text":" minted when investor demand occurs.","temperature":0,"avg_logprob":-0.15858759842519685,"compression_ratio":1.625,"no_speech_prob":0.00017952919006347656,"words":[]},{"start":3090.28,"end":3092.2000000000003,"text":" All right, so there's some investor demand.","temperature":0,"avg_logprob":-0.16787790697674418,"compression_ratio":1.6232876712328768,"no_speech_prob":0.0003006458282470703,"words":[]},{"start":3092.2000000000003,"end":3096.1600000000003,"text":" I'm doing a 10K buy for Apple shares, let's say,","temperature":0,"avg_logprob":-0.16787790697674418,"compression_ratio":1.6232876712328768,"no_speech_prob":0.0003006458282470703,"words":[]},{"start":3096.1600000000003,"end":3097.76,"text":" and then an intent clicks.","temperature":0,"avg_logprob":-0.16787790697674418,"compression_ratio":1.6232876712328768,"no_speech_prob":0.0003006458282470703,"words":[]},{"start":3097.76,"end":3100.0800000000004,"text":" And that is fulfilled on the other side.","temperature":0,"avg_logprob":-0.16787790697674418,"compression_ratio":1.6232876712328768,"no_speech_prob":0.0003006458282470703,"words":[]},{"start":3100.0800000000004,"end":3103.48,"text":" So this allows them to not pre-fund the liquidity on-chain.","temperature":0,"avg_logprob":-0.16787790697674418,"compression_ratio":1.6232876712328768,"no_speech_prob":0.0003006458282470703,"words":[]},{"start":3103.48,"end":3105.32,"text":" So it lowers the capital cost of bringing","temperature":0,"avg_logprob":-0.16787790697674418,"compression_ratio":1.6232876712328768,"no_speech_prob":0.0003006458282470703,"words":[]},{"start":3105.32,"end":3106.8,"text":" traditional markets on-chain.","temperature":0,"avg_logprob":-0.16787790697674418,"compression_ratio":1.6232876712328768,"no_speech_prob":0.0003006458282470703,"words":[]},{"start":3106.8,"end":3108.84,"text":" And it was beneficial for them to launch on Ethereum","temperature":0,"avg_logprob":-0.16787790697674418,"compression_ratio":1.6232876712328768,"no_speech_prob":0.0003006458282470703,"words":[]},{"start":3108.84,"end":3111.2400000000002,"text":" because Ethereum has very well developed","temperature":0,"avg_logprob":-0.16787790697674418,"compression_ratio":1.6232876712328768,"no_speech_prob":0.0003006458282470703,"words":[]},{"start":3111.2400000000002,"end":3114.1600000000003,"text":" intense-based infrastructure to support","temperature":0,"avg_logprob":-0.16787790697674418,"compression_ratio":1.6232876712328768,"no_speech_prob":0.0003006458282470703,"words":[]},{"start":3114.1600000000003,"end":3115.92,"text":" that type of the use case.","temperature":0,"avg_logprob":-0.16787790697674418,"compression_ratio":1.6232876712328768,"no_speech_prob":0.0003006458282470703,"words":[]},{"start":3115.92,"end":3117.7200000000003,"text":" So it's interesting.","temperature":0,"avg_logprob":-0.16787790697674418,"compression_ratio":1.6232876712328768,"no_speech_prob":0.0003006458282470703,"words":[]},{"start":3117.7200000000003,"end":3119.6000000000004,"text":" I think it's an evolution of what we've seen","temperature":0,"avg_logprob":-0.11918339416058395,"compression_ratio":1.6575342465753424,"no_speech_prob":0.004608154296875,"words":[]},{"start":3119.6000000000004,"end":3121.6000000000004,"text":" with tokenized stocks, like X stocks,","temperature":0,"avg_logprob":-0.11918339416058395,"compression_ratio":1.6575342465753424,"no_speech_prob":0.004608154296875,"words":[]},{"start":3121.6000000000004,"end":3123.96,"text":" kind of janky, had some problems.","temperature":0,"avg_logprob":-0.11918339416058395,"compression_ratio":1.6575342465753424,"no_speech_prob":0.004608154296875,"words":[]},{"start":3123.96,"end":3126.36,"text":" This is better from the liquidity side of things.","temperature":0,"avg_logprob":-0.11918339416058395,"compression_ratio":1.6575342465753424,"no_speech_prob":0.004608154296875,"words":[]},{"start":3126.36,"end":3129.6400000000003,"text":" It's still not the same as actually owning a stock.","temperature":0,"avg_logprob":-0.11918339416058395,"compression_ratio":1.6575342465753424,"no_speech_prob":0.004608154296875,"words":[]},{"start":3129.6400000000003,"end":3131.5600000000004,"text":" All right, but you can redeem it very quick","temperature":0,"avg_logprob":-0.11918339416058395,"compression_ratio":1.6575342465753424,"no_speech_prob":0.004608154296875,"words":[]},{"start":3131.5600000000004,"end":3133.96,"text":" and it should trade closer to the price.","temperature":0,"avg_logprob":-0.11918339416058395,"compression_ratio":1.6575342465753424,"no_speech_prob":0.004608154296875,"words":[]},{"start":3133.96,"end":3136.76,"text":" Well, Ryan, if you want to actually own a stock,","temperature":0,"avg_logprob":-0.11918339416058395,"compression_ratio":1.6575342465753424,"no_speech_prob":0.004608154296875,"words":[]},{"start":3136.76,"end":3139.44,"text":" you can actually own Galaxy stock.","temperature":0,"avg_logprob":-0.11918339416058395,"compression_ratio":1.6575342465753424,"no_speech_prob":0.004608154296875,"words":[]},{"start":3139.44,"end":3141.76,"text":" You're just gonna have to go to Solana to do it","temperature":0,"avg_logprob":-0.11918339416058395,"compression_ratio":1.6575342465753424,"no_speech_prob":0.004608154296875,"words":[]},{"start":3141.76,"end":3145.0400000000004,"text":" because Galaxy has tokenized their actual stock,","temperature":0,"avg_logprob":-0.11918339416058395,"compression_ratio":1.6575342465753424,"no_speech_prob":0.004608154296875,"words":[]},{"start":3145.04,"end":3148.04,"text":" not an IOU of a stock, but the actual stock","temperature":0,"avg_logprob":-0.21314102564102563,"compression_ratio":1.8381294964028776,"no_speech_prob":0.00547027587890625,"words":[]},{"start":3148.04,"end":3149.24,"text":" is now tokenized on Solana.","temperature":0,"avg_logprob":-0.21314102564102563,"compression_ratio":1.8381294964028776,"no_speech_prob":0.00547027587890625,"words":[]},{"start":3149.24,"end":3152.08,"text":" This is with Robert Lescher as a super state.","temperature":0,"avg_logprob":-0.21314102564102563,"compression_ratio":1.8381294964028776,"no_speech_prob":0.00547027587890625,"words":[]},{"start":3152.08,"end":3154.64,"text":" There's a coin gecko page, which is pretty cool.","temperature":0,"avg_logprob":-0.21314102564102563,"compression_ratio":1.8381294964028776,"no_speech_prob":0.00547027587890625,"words":[]},{"start":3154.64,"end":3156.4,"text":" It's not yet trading, so there's no price","temperature":0,"avg_logprob":-0.21314102564102563,"compression_ratio":1.8381294964028776,"no_speech_prob":0.00547027587890625,"words":[]},{"start":3156.4,"end":3158.24,"text":" or price action at all.","temperature":0,"avg_logprob":-0.21314102564102563,"compression_ratio":1.8381294964028776,"no_speech_prob":0.00547027587890625,"words":[]},{"start":3158.24,"end":3160.32,"text":" But the fact that there is a coin gecko page","temperature":0,"avg_logprob":-0.21314102564102563,"compression_ratio":1.8381294964028776,"no_speech_prob":0.00547027587890625,"words":[]},{"start":3160.32,"end":3162.96,"text":" of what is an actual stock, again,","temperature":0,"avg_logprob":-0.21314102564102563,"compression_ratio":1.8381294964028776,"no_speech_prob":0.00547027587890625,"words":[]},{"start":3162.96,"end":3164.48,"text":" not a redeemable first stock.","temperature":0,"avg_logprob":-0.21314102564102563,"compression_ratio":1.8381294964028776,"no_speech_prob":0.00547027587890625,"words":[]},{"start":3164.48,"end":3166.08,"text":" It's the first native security that we've seen.","temperature":0,"avg_logprob":-0.21314102564102563,"compression_ratio":1.8381294964028776,"no_speech_prob":0.00547027587890625,"words":[]},{"start":3166.08,"end":3169.6,"text":" It's a native security on a blockchain,","temperature":0,"avg_logprob":-0.21314102564102563,"compression_ratio":1.8381294964028776,"no_speech_prob":0.00547027587890625,"words":[]},{"start":3169.6,"end":3171.4,"text":" which is pretty damn cool.","temperature":0,"avg_logprob":-0.21314102564102563,"compression_ratio":1.8381294964028776,"no_speech_prob":0.00547027587890625,"words":[]},{"start":3171.4,"end":3174.68,"text":" I of course went right to my DMs with Robert Lescher.","temperature":0,"avg_logprob":-0.21314102564102563,"compression_ratio":1.8381294964028776,"no_speech_prob":0.00547027587890625,"words":[]},{"start":3174.7200000000003,"end":3178.0400000000004,"text":" I was like, Rob, why is it on Solana?","temperature":0,"avg_logprob":-0.2183159722222222,"compression_ratio":1.6464646464646464,"no_speech_prob":0.0008559226989746094,"words":[]},{"start":3178.0400000000004,"end":3180.9600000000005,"text":" He says, if you are the issuer of said stock,","temperature":0,"avg_logprob":-0.2183159722222222,"compression_ratio":1.6464646464646464,"no_speech_prob":0.0008559226989746094,"words":[]},{"start":3180.9600000000005,"end":3183.2000000000003,"text":" you get to choose what chain you put it on.","temperature":0,"avg_logprob":-0.2183159722222222,"compression_ratio":1.6464646464646464,"no_speech_prob":0.0008559226989746094,"words":[]},{"start":3183.2000000000003,"end":3186.1600000000003,"text":" And apparently Galaxy just chose Solana.","temperature":0,"avg_logprob":-0.2183159722222222,"compression_ratio":1.6464646464646464,"no_speech_prob":0.0008559226989746094,"words":[]},{"start":3186.1600000000003,"end":3187.6800000000003,"text":" Yeah, I think this is a big step for it,","temperature":0,"avg_logprob":-0.2183159722222222,"compression_ratio":1.6464646464646464,"no_speech_prob":0.0008559226989746094,"words":[]},{"start":3187.6800000000003,"end":3190.28,"text":" actually getting native securities on chain.","temperature":0,"avg_logprob":-0.2183159722222222,"compression_ratio":1.6464646464646464,"no_speech_prob":0.0008559226989746094,"words":[]},{"start":3190.28,"end":3192.4,"text":" And it's much better than the X-Doc design,","temperature":0,"avg_logprob":-0.2183159722222222,"compression_ratio":1.6464646464646464,"no_speech_prob":0.0008559226989746094,"words":[]},{"start":3192.4,"end":3195.4,"text":" much better, I guess, from a property rights perspective","temperature":0,"avg_logprob":-0.2183159722222222,"compression_ratio":1.6464646464646464,"no_speech_prob":0.0008559226989746094,"words":[]},{"start":3195.4,"end":3197.1600000000003,"text":" of the inner property.","temperature":0,"avg_logprob":-0.2183159722222222,"compression_ratio":1.6464646464646464,"no_speech_prob":0.0008559226989746094,"words":[]},{"start":3197.1600000000003,"end":3198.32,"text":" It is the property.","temperature":0,"avg_logprob":-0.2183159722222222,"compression_ratio":1.6464646464646464,"no_speech_prob":0.0008559226989746094,"words":[]},{"start":3198.32,"end":3199.9600000000005,"text":" The problem is, though, it is gonna be harder","temperature":0,"avg_logprob":-0.2183159722222222,"compression_ratio":1.6464646464646464,"no_speech_prob":0.0008559226989746094,"words":[]},{"start":3199.9600000000005,"end":3203.5200000000004,"text":" to bootstrap this because what this requires","temperature":0,"avg_logprob":-0.2183159722222222,"compression_ratio":1.6464646464646464,"no_speech_prob":0.0008559226989746094,"words":[]},{"start":3203.52,"end":3206.68,"text":" is that every single issuer want to do this,","temperature":0,"avg_logprob":-0.16419270833333333,"compression_ratio":1.601423487544484,"no_speech_prob":0.0003981590270996094,"words":[]},{"start":3206.68,"end":3209.12,"text":" cooperate, create a new legal structure,","temperature":0,"avg_logprob":-0.16419270833333333,"compression_ratio":1.601423487544484,"no_speech_prob":0.0003981590270996094,"words":[]},{"start":3209.12,"end":3213.6,"text":" specifically for their tokenized stock on chain.","temperature":0,"avg_logprob":-0.16419270833333333,"compression_ratio":1.601423487544484,"no_speech_prob":0.0003981590270996094,"words":[]},{"start":3213.6,"end":3216,"text":" So it seems like you could get one or two","temperature":0,"avg_logprob":-0.16419270833333333,"compression_ratio":1.601423487544484,"no_speech_prob":0.0003981590270996094,"words":[]},{"start":3216,"end":3217.12,"text":" or some niche players.","temperature":0,"avg_logprob":-0.16419270833333333,"compression_ratio":1.601423487544484,"no_speech_prob":0.0003981590270996094,"words":[]},{"start":3217.12,"end":3219.2,"text":" It's gonna be hard to get the type of volume","temperature":0,"avg_logprob":-0.16419270833333333,"compression_ratio":1.601423487544484,"no_speech_prob":0.0003981590270996094,"words":[]},{"start":3219.2,"end":3221.72,"text":" that tradifies getting until you kind of break","temperature":0,"avg_logprob":-0.16419270833333333,"compression_ratio":1.601423487544484,"no_speech_prob":0.0003981590270996094,"words":[]},{"start":3221.72,"end":3223.36,"text":" through that bootstrapping problem.","temperature":0,"avg_logprob":-0.16419270833333333,"compression_ratio":1.601423487544484,"no_speech_prob":0.0003981590270996094,"words":[]},{"start":3223.36,"end":3225.8,"text":" Hopefully, this is where everything goes.","temperature":0,"avg_logprob":-0.16419270833333333,"compression_ratio":1.601423487544484,"no_speech_prob":0.0003981590270996094,"words":[]},{"start":3225.8,"end":3228.7599999999998,"text":" And we get actual native stocks on chain,","temperature":0,"avg_logprob":-0.16419270833333333,"compression_ratio":1.601423487544484,"no_speech_prob":0.0003981590270996094,"words":[]},{"start":3228.7599999999998,"end":3230.2,"text":" but it could take a while to get there","temperature":0,"avg_logprob":-0.16419270833333333,"compression_ratio":1.601423487544484,"no_speech_prob":0.0003981590270996094,"words":[]},{"start":3230.2000000000003,"end":3233.5600000000004,"text":" and we'll have these hacky type solutions until then.","temperature":0,"avg_logprob":-0.18890224358974358,"compression_ratio":1.728658536585366,"no_speech_prob":0.00359344482421875,"words":[]},{"start":3233.5600000000004,"end":3235.0800000000004,"text":" Well, I wanna push back a little bit on that","temperature":0,"avg_logprob":-0.18890224358974358,"compression_ratio":1.728658536585366,"no_speech_prob":0.00359344482421875,"words":[]},{"start":3235.0800000000004,"end":3237.6000000000004,"text":" because, yes, everything you said right is correct","temperature":0,"avg_logprob":-0.18890224358974358,"compression_ratio":1.728658536585366,"no_speech_prob":0.00359344482421875,"words":[]},{"start":3237.6000000000004,"end":3238.84,"text":" and right is like if there's friction,","temperature":0,"avg_logprob":-0.18890224358974358,"compression_ratio":1.728658536585366,"no_speech_prob":0.00359344482421875,"words":[]},{"start":3238.84,"end":3240.6400000000003,"text":" the new legal entity, all that kind of stuff","temperature":0,"avg_logprob":-0.18890224358974358,"compression_ratio":1.728658536585366,"no_speech_prob":0.00359344482421875,"words":[]},{"start":3240.6400000000003,"end":3241.6800000000003,"text":" is gonna have some costs.","temperature":0,"avg_logprob":-0.18890224358974358,"compression_ratio":1.728658536585366,"no_speech_prob":0.00359344482421875,"words":[]},{"start":3241.6800000000003,"end":3243.2000000000003,"text":" A, there are IPO costs.","temperature":0,"avg_logprob":-0.18890224358974358,"compression_ratio":1.728658536585366,"no_speech_prob":0.00359344482421875,"words":[]},{"start":3243.2000000000003,"end":3245.6400000000003,"text":" And so costs are being paid to access liquidity","temperature":0,"avg_logprob":-0.18890224358974358,"compression_ratio":1.728658536585366,"no_speech_prob":0.00359344482421875,"words":[]},{"start":3245.6400000000003,"end":3246.6000000000004,"text":" one way or another.","temperature":0,"avg_logprob":-0.18890224358974358,"compression_ratio":1.728658536585366,"no_speech_prob":0.00359344482421875,"words":[]},{"start":3246.6000000000004,"end":3249.2400000000002,"text":" But like if our thesis about DeFi is correct,","temperature":0,"avg_logprob":-0.18890224358974358,"compression_ratio":1.728658536585366,"no_speech_prob":0.00359344482421875,"words":[]},{"start":3249.2400000000002,"end":3251.1200000000003,"text":" which is you get capital efficiency,","temperature":0,"avg_logprob":-0.18890224358974358,"compression_ratio":1.728658536585366,"no_speech_prob":0.00359344482421875,"words":[]},{"start":3251.1200000000003,"end":3252.92,"text":" you get if you put a token on Ethereum,","temperature":0,"avg_logprob":-0.18890224358974358,"compression_ratio":1.728658536585366,"no_speech_prob":0.00359344482421875,"words":[]},{"start":3252.92,"end":3256.4800000000005,"text":" you get access to Ethereum's complete DeFi toolset,","temperature":0,"avg_logprob":-0.18890224358974358,"compression_ratio":1.728658536585366,"no_speech_prob":0.00359344482421875,"words":[]},{"start":3256.4800000000005,"end":3259.2000000000003,"text":" there's a very strong gravitational pull","temperature":0,"avg_logprob":-0.18890224358974358,"compression_ratio":1.728658536585366,"no_speech_prob":0.00359344482421875,"words":[]},{"start":3259.2000000000003,"end":3262.2400000000002,"text":" to be able to put your stocks inside of Ave or Morpho","temperature":0,"avg_logprob":-0.17147435897435898,"compression_ratio":1.6900584795321638,"no_speech_prob":0.000720977783203125,"words":[]},{"start":3262.2400000000002,"end":3264.32,"text":" or any sort of DeFi app.","temperature":0,"avg_logprob":-0.17147435897435898,"compression_ratio":1.6900584795321638,"no_speech_prob":0.000720977783203125,"words":[]},{"start":3264.32,"end":3265.84,"text":" I think for crypto native companies,","temperature":0,"avg_logprob":-0.17147435897435898,"compression_ratio":1.6900584795321638,"no_speech_prob":0.000720977783203125,"words":[]},{"start":3265.84,"end":3267.28,"text":" it could be worth it for them, right?","temperature":0,"avg_logprob":-0.17147435897435898,"compression_ratio":1.6900584795321638,"no_speech_prob":0.000720977783203125,"words":[]},{"start":3267.28,"end":3268.9600000000005,"text":" Cause they already have the crypto customers.","temperature":0,"avg_logprob":-0.17147435897435898,"compression_ratio":1.6900584795321638,"no_speech_prob":0.000720977783203125,"words":[]},{"start":3268.9600000000005,"end":3271.4800000000005,"text":" But if you're looking at like the liquidity of basically,","temperature":0,"avg_logprob":-0.17147435897435898,"compression_ratio":1.6900584795321638,"no_speech_prob":0.000720977783203125,"words":[]},{"start":3271.4800000000005,"end":3273.32,"text":" you know, the traditional exchanges","temperature":0,"avg_logprob":-0.17147435897435898,"compression_ratio":1.6900584795321638,"no_speech_prob":0.000720977783203125,"words":[]},{"start":3273.32,"end":3275.9600000000005,"text":" and 600 million in securities volume,","temperature":0,"avg_logprob":-0.17147435897435898,"compression_ratio":1.6900584795321638,"no_speech_prob":0.000720977783203125,"words":[]},{"start":3275.9600000000005,"end":3279.1600000000003,"text":" and then you go, you look at crypto securities liquidity","temperature":0,"avg_logprob":-0.17147435897435898,"compression_ratio":1.6900584795321638,"no_speech_prob":0.000720977783203125,"words":[]},{"start":3279.1600000000003,"end":3281.5600000000004,"text":" and it's like, I don't know, 20 million a day or something,","temperature":0,"avg_logprob":-0.17147435897435898,"compression_ratio":1.6900584795321638,"no_speech_prob":0.000720977783203125,"words":[]},{"start":3281.5600000000004,"end":3283.1600000000003,"text":" you're definitely gonna wanna put your asset","temperature":0,"avg_logprob":-0.17147435897435898,"compression_ratio":1.6900584795321638,"no_speech_prob":0.000720977783203125,"words":[]},{"start":3283.1600000000003,"end":3285.6800000000003,"text":" where the volume is.","temperature":0,"avg_logprob":-0.17147435897435898,"compression_ratio":1.6900584795321638,"no_speech_prob":0.000720977783203125,"words":[]},{"start":3285.6800000000003,"end":3287.6800000000003,"text":" And that's just the bootstrapping problem you have to get over.","temperature":0,"avg_logprob":-0.17147435897435898,"compression_ratio":1.6900584795321638,"no_speech_prob":0.000720977783203125,"words":[]},{"start":3287.6800000000003,"end":3289.28,"text":" And now it's Robert Lesterner's job","temperature":0,"avg_logprob":-0.17229446308724833,"compression_ratio":1.6189024390243902,"no_speech_prob":0.0013456344604492188,"words":[]},{"start":3289.28,"end":3293.0800000000004,"text":" to go and seek out like the larger and larger like deals.","temperature":0,"avg_logprob":-0.17229446308724833,"compression_ratio":1.6189024390243902,"no_speech_prob":0.0013456344604492188,"words":[]},{"start":3293.0800000000004,"end":3295.1200000000003,"text":" So he can go start climbing the ranks","temperature":0,"avg_logprob":-0.17229446308724833,"compression_ratio":1.6189024390243902,"no_speech_prob":0.0013456344604492188,"words":[]},{"start":3295.1200000000003,"end":3296.6800000000003,"text":" of publicly traded companies and be like,","temperature":0,"avg_logprob":-0.17229446308724833,"compression_ratio":1.6189024390243902,"no_speech_prob":0.0013456344604492188,"words":[]},{"start":3296.6800000000003,"end":3299.0000000000005,"text":" Hey, you wanna get your tokens on crypto?","temperature":0,"avg_logprob":-0.17229446308724833,"compression_ratio":1.6189024390243902,"no_speech_prob":0.0013456344604492188,"words":[]},{"start":3299.0000000000005,"end":3301.2400000000002,"text":" And the more he does that, the more liquidity flows.","temperature":0,"avg_logprob":-0.17229446308724833,"compression_ratio":1.6189024390243902,"no_speech_prob":0.0013456344604492188,"words":[]},{"start":3301.2400000000002,"end":3302.84,"text":" More like stablecoin all time highs","temperature":0,"avg_logprob":-0.17229446308724833,"compression_ratio":1.6189024390243902,"no_speech_prob":0.0013456344604492188,"words":[]},{"start":3302.84,"end":3304.36,"text":" are being broken every single day.","temperature":0,"avg_logprob":-0.17229446308724833,"compression_ratio":1.6189024390243902,"no_speech_prob":0.0013456344604492188,"words":[]},{"start":3304.36,"end":3308.0800000000004,"text":" And so the size of the gravitational pull is increasing.","temperature":0,"avg_logprob":-0.17229446308724833,"compression_ratio":1.6189024390243902,"no_speech_prob":0.0013456344604492188,"words":[]},{"start":3308.0800000000004,"end":3309.0800000000004,"text":" It'll just take some time.","temperature":0,"avg_logprob":-0.17229446308724833,"compression_ratio":1.6189024390243902,"no_speech_prob":0.0013456344604492188,"words":[]},{"start":3309.0800000000004,"end":3310.0400000000004,"text":" I agree with that.","temperature":0,"avg_logprob":-0.17229446308724833,"compression_ratio":1.6189024390243902,"no_speech_prob":0.0013456344604492188,"words":[]},{"start":3310.0400000000004,"end":3313.1200000000003,"text":" David, Polymarket finally got the green light.","temperature":0,"avg_logprob":-0.17229446308724833,"compression_ratio":1.6189024390243902,"no_speech_prob":0.0013456344604492188,"words":[]},{"start":3313.1200000000003,"end":3314.7200000000003,"text":" Do you wanna read this tweet?","temperature":0,"avg_logprob":-0.17229446308724833,"compression_ratio":1.6189024390243902,"no_speech_prob":0.0013456344604492188,"words":[]},{"start":3314.7200000000003,"end":3315.5600000000004,"text":" Yeah, yeah.","temperature":0,"avg_logprob":-0.17229446308724833,"compression_ratio":1.6189024390243902,"no_speech_prob":0.0013456344604492188,"words":[]},{"start":3315.72,"end":3318.96,"text":" From Shane Compleman, the founder of Polymarket.","temperature":0,"avg_logprob":-0.2028039383561644,"compression_ratio":1.6228956228956228,"no_speech_prob":0.01384735107421875,"words":[]},{"start":3318.96,"end":3320.16,"text":" Polymarket has been given the green light","temperature":0,"avg_logprob":-0.2028039383561644,"compression_ratio":1.6228956228956228,"no_speech_prob":0.01384735107421875,"words":[]},{"start":3320.16,"end":3322.36,"text":" to go live in the United States by the CFTC.","temperature":0,"avg_logprob":-0.2028039383561644,"compression_ratio":1.6228956228956228,"no_speech_prob":0.01384735107421875,"words":[]},{"start":3322.36,"end":3323.92,"text":" So they received a no action letter.","temperature":0,"avg_logprob":-0.2028039383561644,"compression_ratio":1.6228956228956228,"no_speech_prob":0.01384735107421875,"words":[]},{"start":3323.92,"end":3326.52,"text":" They filed saying, Hey, can are we gonna get in trouble","temperature":0,"avg_logprob":-0.2028039383561644,"compression_ratio":1.6228956228956228,"no_speech_prob":0.01384735107421875,"words":[]},{"start":3326.52,"end":3328.44,"text":" if we allow US citizens?","temperature":0,"avg_logprob":-0.2028039383561644,"compression_ratio":1.6228956228956228,"no_speech_prob":0.01384735107421875,"words":[]},{"start":3328.44,"end":3332.68,"text":" And the CFTC said, we're, no, basically, no, you're not.","temperature":0,"avg_logprob":-0.2028039383561644,"compression_ratio":1.6228956228956228,"no_speech_prob":0.01384735107421875,"words":[]},{"start":3332.68,"end":3334.12,"text":" And so that's nice.","temperature":0,"avg_logprob":-0.2028039383561644,"compression_ratio":1.6228956228956228,"no_speech_prob":0.01384735107421875,"words":[]},{"start":3334.12,"end":3336.6,"text":" We can all take down our VPNs now.","temperature":0,"avg_logprob":-0.2028039383561644,"compression_ratio":1.6228956228956228,"no_speech_prob":0.01384735107421875,"words":[]},{"start":3336.6,"end":3340.4,"text":" United States citizens can now access a Polymarket directly.","temperature":0,"avg_logprob":-0.2028039383561644,"compression_ratio":1.6228956228956228,"no_speech_prob":0.01384735107421875,"words":[]},{"start":3340.4,"end":3341.4,"text":" And this is pretty cool.","temperature":0,"avg_logprob":-0.2028039383561644,"compression_ratio":1.6228956228956228,"no_speech_prob":0.01384735107421875,"words":[]},{"start":3341.4,"end":3343.56,"text":" I mean, this is huge just for,","temperature":0,"avg_logprob":-0.2028039383561644,"compression_ratio":1.6228956228956228,"no_speech_prob":0.01384735107421875,"words":[]},{"start":3343.56,"end":3348.32,"text":" I think just like assurances and sentiment, I would say.","temperature":0,"avg_logprob":-0.22370158450704225,"compression_ratio":1.678688524590164,"no_speech_prob":0.00490570068359375,"words":[]},{"start":3348.32,"end":3349.32,"text":" It'll will be kind of cool.","temperature":0,"avg_logprob":-0.22370158450704225,"compression_ratio":1.678688524590164,"no_speech_prob":0.00490570068359375,"words":[]},{"start":3349.32,"end":3353.96,"text":" I guess also funds can now go trade on Polymarket.","temperature":0,"avg_logprob":-0.22370158450704225,"compression_ratio":1.678688524590164,"no_speech_prob":0.00490570068359375,"words":[]},{"start":3353.96,"end":3356.4,"text":" I don't really think this really stopped any individuals,","temperature":0,"avg_logprob":-0.22370158450704225,"compression_ratio":1.678688524590164,"no_speech_prob":0.00490570068359375,"words":[]},{"start":3356.4,"end":3359.2,"text":" but it definitely stopped funds from trading on Polymarket.","temperature":0,"avg_logprob":-0.22370158450704225,"compression_ratio":1.678688524590164,"no_speech_prob":0.00490570068359375,"words":[]},{"start":3359.2,"end":3360.64,"text":" If they wanna take a position in something.","temperature":0,"avg_logprob":-0.22370158450704225,"compression_ratio":1.678688524590164,"no_speech_prob":0.00490570068359375,"words":[]},{"start":3360.64,"end":3363.56,"text":" I think I feel like it stopped Polymarket","temperature":0,"avg_logprob":-0.22370158450704225,"compression_ratio":1.678688524590164,"no_speech_prob":0.00490570068359375,"words":[]},{"start":3363.56,"end":3365.48,"text":" from going as mainstream as it could have.","temperature":0,"avg_logprob":-0.22370158450704225,"compression_ratio":1.678688524590164,"no_speech_prob":0.00490570068359375,"words":[]},{"start":3365.48,"end":3367.36,"text":" And it probably will go post this, right?","temperature":0,"avg_logprob":-0.22370158450704225,"compression_ratio":1.678688524590164,"no_speech_prob":0.00490570068359375,"words":[]},{"start":3367.36,"end":3369.4,"text":" Just because there's friction in a VPN.","temperature":0,"avg_logprob":-0.22370158450704225,"compression_ratio":1.678688524590164,"no_speech_prob":0.00490570068359375,"words":[]},{"start":3369.4,"end":3370.24,"text":" Yeah.","temperature":0,"avg_logprob":-0.22370158450704225,"compression_ratio":1.678688524590164,"no_speech_prob":0.00490570068359375,"words":[]},{"start":3370.24,"end":3372.24,"text":" You know, like, I mean, people are gonna,","temperature":0,"avg_logprob":-0.22370158450704225,"compression_ratio":1.678688524590164,"no_speech_prob":0.00490570068359375,"words":[]},{"start":3372.6400000000003,"end":3375.0400000000004,"text":" not for us not getting USDC under Polymarket.","temperature":0.8,"avg_logprob":-0.42198445246769833,"compression_ratio":1.6889632107023411,"no_speech_prob":0.004680633544921875,"words":[]},{"start":3375.0400000000004,"end":3376.88,"text":" But plenty of friction cause of the VPN.","temperature":0.8,"avg_logprob":-0.42198445246769833,"compression_ratio":1.6889632107023411,"no_speech_prob":0.004680633544921875,"words":[]},{"start":3376.88,"end":3377.7200000000003,"text":" Yeah.","temperature":0.8,"avg_logprob":-0.42198445246769833,"compression_ratio":1.6889632107023411,"no_speech_prob":0.004680633544921875,"words":[]},{"start":3377.7200000000003,"end":3379.6000000000004,"text":" Is this Mr. Beast talking about his,","temperature":0.8,"avg_logprob":-0.42198445246769833,"compression_ratio":1.6889632107023411,"no_speech_prob":0.004680633544921875,"words":[]},{"start":3379.6000000000004,"end":3382.6400000000003,"text":" Mr. Beast was on a live stream looking at Polymarket","temperature":0.8,"avg_logprob":-0.42198445246769833,"compression_ratio":1.6889632107023411,"no_speech_prob":0.004680633544921875,"words":[]},{"start":3382.6400000000003,"end":3383.96,"text":" and he just was having a good time.","temperature":0.8,"avg_logprob":-0.42198445246769833,"compression_ratio":1.6889632107023411,"no_speech_prob":0.004680633544921875,"words":[]},{"start":3383.96,"end":3386.8,"text":" So yeah, like Mr. Beast on Polymarket,","temperature":0.8,"avg_logprob":-0.42198445246769833,"compression_ratio":1.6889632107023411,"no_speech_prob":0.004680633544921875,"words":[]},{"start":3386.8,"end":3389.36,"text":" Polymarket is becoming just like a household name.","temperature":0.8,"avg_logprob":-0.42198445246769833,"compression_ratio":1.6889632107023411,"no_speech_prob":0.004680633544921875,"words":[]},{"start":3389.36,"end":3391.7200000000003,"text":" As we mentioned earlier in the show,","temperature":0.8,"avg_logprob":-0.42198445246769833,"compression_ratio":1.6889632107023411,"no_speech_prob":0.004680633544921875,"words":[]},{"start":3391.7200000000003,"end":3394.94,"text":" Donald Trump Jr. takes a stake in the prediction","temperature":0.8,"avg_logprob":-0.42198445246769833,"compression_ratio":1.6889632107023411,"no_speech_prob":0.004680633544921875,"words":[]},{"start":3394.94,"end":3396.6400000000003,"text":" platform, Polymarket.","temperature":0.8,"avg_logprob":-0.42198445246769833,"compression_ratio":1.6889632107023411,"no_speech_prob":0.004680633544921875,"words":[]},{"start":3396.6400000000003,"end":3398.84,"text":" So he bought a bunch of shares","temperature":0.8,"avg_logprob":-0.42198445246769833,"compression_ratio":1.6889632107023411,"no_speech_prob":0.004680633544921875,"words":[]},{"start":3398.84,"end":3401.28,"text":" and now he's on the advisory board, interestingly enough,","temperature":0.8,"avg_logprob":-0.42198445246769833,"compression_ratio":1.6889632107023411,"no_speech_prob":0.004680633544921875,"words":[]},{"start":3401.28,"end":3404.28,"text":" He's also on the advisory board of Kallche.","temperature":0.4,"avg_logprob":-0.41396293157263647,"compression_ratio":1.6782334384858044,"no_speech_prob":0.0675048828125,"words":[]},{"start":3404.28,"end":3407.32,"text":" And have you been following the Kallche Polly market","temperature":0.4,"avg_logprob":-0.41396293157263647,"compression_ratio":1.6782334384858044,"no_speech_prob":0.0675048828125,"words":[]},{"start":3407.32,"end":3408.6800000000003,"text":" just a little bit back here?","temperature":0.4,"avg_logprob":-0.41396293157263647,"compression_ratio":1.6782334384858044,"no_speech_prob":0.0675048828125,"words":[]},{"start":3408.6800000000003,"end":3412.5800000000004,"text":" Absolutely boiling like war between these two organizations?","temperature":0.4,"avg_logprob":-0.41396293157263647,"compression_ratio":1.6782334384858044,"no_speech_prob":0.0675048828125,"words":[]},{"start":3412.5800000000004,"end":3413.4,"text":" It's a big hatred, right?","temperature":0.4,"avg_logprob":-0.41396293157263647,"compression_ratio":1.6782334384858044,"no_speech_prob":0.0675048828125,"words":[]},{"start":3413.4,"end":3414.2400000000002,"text":" It's a big rivalry.","temperature":0.4,"avg_logprob":-0.41396293157263647,"compression_ratio":1.6782334384858044,"no_speech_prob":0.0675048828125,"words":[]},{"start":3414.2400000000002,"end":3416.5600000000004,"text":" I don't think I've ever seen a level of hatred","temperature":0.4,"avg_logprob":-0.41396293157263647,"compression_ratio":1.6782334384858044,"no_speech_prob":0.0675048828125,"words":[]},{"start":3416.5600000000004,"end":3417.4,"text":" between two countries.","temperature":0.4,"avg_logprob":-0.41396293157263647,"compression_ratio":1.6782334384858044,"no_speech_prob":0.0675048828125,"words":[]},{"start":3417.4,"end":3418.2400000000002,"text":" Should we get them on credit rates?","temperature":0.4,"avg_logprob":-0.41396293157263647,"compression_ratio":1.6782334384858044,"no_speech_prob":0.0675048828125,"words":[]},{"start":3418.2400000000002,"end":3419.92,"text":" Should we get the founders, both founders, just like...","temperature":0.4,"avg_logprob":-0.41396293157263647,"compression_ratio":1.6782334384858044,"no_speech_prob":0.0675048828125,"words":[]},{"start":3419.92,"end":3421.7200000000003,"text":" I don't know.","temperature":0.4,"avg_logprob":-0.41396293157263647,"compression_ratio":1.6782334384858044,"no_speech_prob":0.0675048828125,"words":[]},{"start":3421.7200000000003,"end":3423.5600000000004,"text":" There's any debate to be had.","temperature":0.4,"avg_logprob":-0.41396293157263647,"compression_ratio":1.6782334384858044,"no_speech_prob":0.0675048828125,"words":[]},{"start":3423.5600000000004,"end":3425.48,"text":" It would be more of like a mediation.","temperature":0.4,"avg_logprob":-0.41396293157263647,"compression_ratio":1.6782334384858044,"no_speech_prob":0.0675048828125,"words":[]},{"start":3425.48,"end":3429.4,"text":" Okay, so there's a tweet from this guy, William Legate,","temperature":0.4,"avg_logprob":-0.41396293157263647,"compression_ratio":1.6782334384858044,"no_speech_prob":0.0675048828125,"words":[]},{"start":3429.4,"end":3431.7200000000003,"text":" who I thought was pretty interesting.","temperature":0,"avg_logprob":-0.20291940789473684,"compression_ratio":1.5915915915915917,"no_speech_prob":0.0030269622802734375,"words":[]},{"start":3431.7200000000003,"end":3433.2400000000002,"text":" Invite interesting, I mean hilarious.","temperature":0,"avg_logprob":-0.20291940789473684,"compression_ratio":1.5915915915915917,"no_speech_prob":0.0030269622802734375,"words":[]},{"start":3433.2400000000002,"end":3436,"text":" He said, when I joined Kallche a year ago,","temperature":0,"avg_logprob":-0.20291940789473684,"compression_ratio":1.5915915915915917,"no_speech_prob":0.0030269622802734375,"words":[]},{"start":3436,"end":3439.1600000000003,"text":" Tarek, some guy at Kallche, made their mission clear.","temperature":0,"avg_logprob":-0.20291940789473684,"compression_ratio":1.5915915915915917,"no_speech_prob":0.0030269622802734375,"words":[]},{"start":3439.1600000000003,"end":3441.92,"text":" Quote, copy everything Polly market does.","temperature":0,"avg_logprob":-0.20291940789473684,"compression_ratio":1.5915915915915917,"no_speech_prob":0.0030269622802734375,"words":[]},{"start":3441.92,"end":3444.4,"text":" Our mode is regulatory capture.","temperature":0,"avg_logprob":-0.20291940789473684,"compression_ratio":1.5915915915915917,"no_speech_prob":0.0030269622802734375,"words":[]},{"start":3444.4,"end":3447.36,"text":" And then he's tweeting out the fact that CFTC granted","temperature":0,"avg_logprob":-0.20291940789473684,"compression_ratio":1.5915915915915917,"no_speech_prob":0.0030269622802734375,"words":[]},{"start":3447.36,"end":3451.04,"text":" Polly market, they approval to make available to US citizens.","temperature":0,"avg_logprob":-0.20291940789473684,"compression_ratio":1.5915915915915917,"no_speech_prob":0.0030269622802734375,"words":[]},{"start":3451.04,"end":3452.64,"text":" So William continues and says,","temperature":0,"avg_logprob":-0.20291940789473684,"compression_ratio":1.5915915915915917,"no_speech_prob":0.0030269622802734375,"words":[]},{"start":3452.64,"end":3454.32,"text":" today that mode no longer exists.","temperature":0,"avg_logprob":-0.20291940789473684,"compression_ratio":1.5915915915915917,"no_speech_prob":0.0030269622802734375,"words":[]},{"start":3454.32,"end":3455.96,"text":" I couldn't be more proud of my decision","temperature":0,"avg_logprob":-0.20291940789473684,"compression_ratio":1.5915915915915917,"no_speech_prob":0.0030269622802734375,"words":[]},{"start":3455.96,"end":3457.08,"text":" to join Polly market.","temperature":0,"avg_logprob":-0.20291940789473684,"compression_ratio":1.5915915915915917,"no_speech_prob":0.0030269622802734375,"words":[]},{"start":3457.08,"end":3458.76,"text":" Why copy the best when you can build it?","temperature":0,"avg_logprob":-0.20291940789473684,"compression_ratio":1.5915915915915917,"no_speech_prob":0.0030269622802734375,"words":[]},{"start":3458.76,"end":3460.76,"text":" So basically now that I Polly market.","temperature":0,"avg_logprob":-0.25479014598540145,"compression_ratio":1.6863468634686347,"no_speech_prob":0.0007791519165039062,"words":[]},{"start":3460.76,"end":3462.8,"text":" He flipped from Kallche to Polly market,","temperature":0,"avg_logprob":-0.25479014598540145,"compression_ratio":1.6863468634686347,"no_speech_prob":0.0007791519165039062,"words":[]},{"start":3462.8,"end":3465.2400000000002,"text":" because Polly market is the cooler one to be.","temperature":0,"avg_logprob":-0.25479014598540145,"compression_ratio":1.6863468634686347,"no_speech_prob":0.0007791519165039062,"words":[]},{"start":3465.2400000000002,"end":3469.92,"text":" The founder or somebody of Kallche came into his replies","temperature":0,"avg_logprob":-0.25479014598540145,"compression_ratio":1.6863468634686347,"no_speech_prob":0.0007791519165039062,"words":[]},{"start":3469.92,"end":3472.6800000000003,"text":" and said, this is a lie.","temperature":0,"avg_logprob":-0.25479014598540145,"compression_ratio":1.6863468634686347,"no_speech_prob":0.0007791519165039062,"words":[]},{"start":3472.6800000000003,"end":3474.32,"text":" Tarek did not say this.","temperature":0,"avg_logprob":-0.25479014598540145,"compression_ratio":1.6863468634686347,"no_speech_prob":0.0007791519165039062,"words":[]},{"start":3474.32,"end":3476.2400000000002,"text":" You are just spreading misinformation.","temperature":0,"avg_logprob":-0.25479014598540145,"compression_ratio":1.6863468634686347,"no_speech_prob":0.0007791519165039062,"words":[]},{"start":3476.2400000000002,"end":3479.44,"text":" He shares an email from William talking shit","temperature":0,"avg_logprob":-0.25479014598540145,"compression_ratio":1.6863468634686347,"no_speech_prob":0.0007791519165039062,"words":[]},{"start":3479.44,"end":3483.36,"text":" about Polly market, trying to get a job at Kallche.","temperature":0,"avg_logprob":-0.25479014598540145,"compression_ratio":1.6863468634686347,"no_speech_prob":0.0007791519165039062,"words":[]},{"start":3483.36,"end":3485.48,"text":" I don't know what the hell is going on here,","temperature":0,"avg_logprob":-0.25479014598540145,"compression_ratio":1.6863468634686347,"no_speech_prob":0.0007791519165039062,"words":[]},{"start":3485.48,"end":3488.1600000000003,"text":" but like the, oh god, there's some huge beef.","temperature":0,"avg_logprob":-0.25479014598540145,"compression_ratio":1.6863468634686347,"no_speech_prob":0.0007791519165039062,"words":[]},{"start":3488.16,"end":3491.12,"text":" I mean, there's rumors that Kallche,","temperature":0,"avg_logprob":-0.2222222222222222,"compression_ratio":1.7806451612903227,"no_speech_prob":0.006587982177734375,"words":[]},{"start":3491.12,"end":3492.04,"text":" I don't know if I should say this,","temperature":0,"avg_logprob":-0.2222222222222222,"compression_ratio":1.7806451612903227,"no_speech_prob":0.006587982177734375,"words":[]},{"start":3492.04,"end":3493.44,"text":" but there's rumors I've heard that","temperature":0,"avg_logprob":-0.2222222222222222,"compression_ratio":1.7806451612903227,"no_speech_prob":0.006587982177734375,"words":[]},{"start":3493.44,"end":3496.2799999999997,"text":" the Kallche FBI swatting of Shane Coppelman,","temperature":0,"avg_logprob":-0.2222222222222222,"compression_ratio":1.7806451612903227,"no_speech_prob":0.006587982177734375,"words":[]},{"start":3496.2799999999997,"end":3497.12,"text":" I heard those rumors.","temperature":0,"avg_logprob":-0.2222222222222222,"compression_ratio":1.7806451612903227,"no_speech_prob":0.006587982177734375,"words":[]},{"start":3497.12,"end":3500.3999999999996,"text":" That was like that they had reported him","temperature":0,"avg_logprob":-0.2222222222222222,"compression_ratio":1.7806451612903227,"no_speech_prob":0.006587982177734375,"words":[]},{"start":3500.3999999999996,"end":3501.92,"text":" or had some sort of contemplate.","temperature":0,"avg_logprob":-0.2222222222222222,"compression_ratio":1.7806451612903227,"no_speech_prob":0.006587982177734375,"words":[]},{"start":3501.92,"end":3504,"text":" I mean, there's beef there.","temperature":0,"avg_logprob":-0.2222222222222222,"compression_ratio":1.7806451612903227,"no_speech_prob":0.006587982177734375,"words":[]},{"start":3504,"end":3504.8399999999997,"text":" That's a rumor.","temperature":0,"avg_logprob":-0.2222222222222222,"compression_ratio":1.7806451612903227,"no_speech_prob":0.006587982177734375,"words":[]},{"start":3504.8399999999997,"end":3507.52,"text":" I don't have evidence of that, but no one does.","temperature":0,"avg_logprob":-0.2222222222222222,"compression_ratio":1.7806451612903227,"no_speech_prob":0.006587982177734375,"words":[]},{"start":3507.52,"end":3509.2,"text":" You can see why there's some beef there.","temperature":0,"avg_logprob":-0.2222222222222222,"compression_ratio":1.7806451612903227,"no_speech_prob":0.006587982177734375,"words":[]},{"start":3509.2,"end":3511.56,"text":" You also see why they want some political protection, right?","temperature":0,"avg_logprob":-0.2222222222222222,"compression_ratio":1.7806451612903227,"no_speech_prob":0.006587982177734375,"words":[]},{"start":3511.56,"end":3512.92,"text":" FBIs are going to raid your house.","temperature":0,"avg_logprob":-0.2222222222222222,"compression_ratio":1.7806451612903227,"no_speech_prob":0.006587982177734375,"words":[]},{"start":3512.92,"end":3515.96,"text":" How about getting the president's son to invest your company?","temperature":0,"avg_logprob":-0.2222222222222222,"compression_ratio":1.7806451612903227,"no_speech_prob":0.006587982177734375,"words":[]},{"start":3515.96,"end":3516.7999999999997,"text":" I'll do that.","temperature":0,"avg_logprob":-0.2222222222222222,"compression_ratio":1.7806451612903227,"no_speech_prob":0.006587982177734375,"words":[]},{"start":3516.8,"end":3519.2400000000002,"text":" And I hope the political pendulum doesn't swing so hard","temperature":0,"avg_logprob":-0.19887408088235295,"compression_ratio":1.6890459363957597,"no_speech_prob":0.02032470703125,"words":[]},{"start":3519.2400000000002,"end":3520.0800000000004,"text":" next year.","temperature":0,"avg_logprob":-0.19887408088235295,"compression_ratio":1.6890459363957597,"no_speech_prob":0.02032470703125,"words":[]},{"start":3520.0800000000004,"end":3523.28,"text":" We could swing so hard, so hard.","temperature":0,"avg_logprob":-0.19887408088235295,"compression_ratio":1.6890459363957597,"no_speech_prob":0.02032470703125,"words":[]},{"start":3523.28,"end":3525.6800000000003,"text":" So enjoy this brief period of time we have, David.","temperature":0,"avg_logprob":-0.19887408088235295,"compression_ratio":1.6890459363957597,"no_speech_prob":0.02032470703125,"words":[]},{"start":3525.6800000000003,"end":3527.8,"text":" And tell me about tokenized Pokemon","temperature":0,"avg_logprob":-0.19887408088235295,"compression_ratio":1.6890459363957597,"no_speech_prob":0.02032470703125,"words":[]},{"start":3527.8,"end":3529.8,"text":" because we can still do that right now.","temperature":0,"avg_logprob":-0.19887408088235295,"compression_ratio":1.6890459363957597,"no_speech_prob":0.02032470703125,"words":[]},{"start":3529.8,"end":3533.0800000000004,"text":" Dude, okay, so I come back online from Burning Man","temperature":0,"avg_logprob":-0.19887408088235295,"compression_ratio":1.6890459363957597,"no_speech_prob":0.02032470703125,"words":[]},{"start":3533.0800000000004,"end":3535.04,"text":" and I log into crypto Twitter","temperature":0,"avg_logprob":-0.19887408088235295,"compression_ratio":1.6890459363957597,"no_speech_prob":0.02032470703125,"words":[]},{"start":3535.04,"end":3537.0800000000004,"text":" and we are doing two things.","temperature":0,"avg_logprob":-0.19887408088235295,"compression_ratio":1.6890459363957597,"no_speech_prob":0.02032470703125,"words":[]},{"start":3537.0800000000004,"end":3539.8,"text":" We are ranking crypto Twitter accounts","temperature":0,"avg_logprob":-0.19887408088235295,"compression_ratio":1.6890459363957597,"no_speech_prob":0.02032470703125,"words":[]},{"start":3539.8,"end":3542.44,"text":" and we are buying tokenized Pokemon.","temperature":0,"avg_logprob":-0.19887408088235295,"compression_ratio":1.6890459363957597,"no_speech_prob":0.02032470703125,"words":[]},{"start":3542.44,"end":3544.7200000000003,"text":" And I'm like, oh, nothing's changed.","temperature":0,"avg_logprob":-0.19887408088235295,"compression_ratio":1.6890459363957597,"no_speech_prob":0.02032470703125,"words":[]},{"start":3544.7200000000003,"end":3545.5600000000004,"text":" We are doing the same thing.","temperature":0,"avg_logprob":-0.19887408088235295,"compression_ratio":1.6890459363957597,"no_speech_prob":0.02032470703125,"words":[]},{"start":3545.56,"end":3547.24,"text":" Okay, so this is the current trend","temperature":0,"avg_logprob":-0.2598790322580645,"compression_ratio":1.974820143884892,"no_speech_prob":0.0279998779296875,"words":[]},{"start":3547.24,"end":3549.32,"text":" of tokenized Pokemon cards.","temperature":0,"avg_logprob":-0.2598790322580645,"compression_ratio":1.974820143884892,"no_speech_prob":0.0279998779296875,"words":[]},{"start":3549.32,"end":3550.68,"text":" There's apparently three different platforms,","temperature":0,"avg_logprob":-0.2598790322580645,"compression_ratio":1.974820143884892,"no_speech_prob":0.0279998779296875,"words":[]},{"start":3550.68,"end":3554.4,"text":" but this one platform collector crypt has taken off.","temperature":0,"avg_logprob":-0.2598790322580645,"compression_ratio":1.974820143884892,"no_speech_prob":0.0279998779296875,"words":[]},{"start":3554.4,"end":3556.24,"text":" It is real tokenized, excuse me,","temperature":0,"avg_logprob":-0.2598790322580645,"compression_ratio":1.974820143884892,"no_speech_prob":0.0279998779296875,"words":[]},{"start":3556.24,"end":3557.24,"text":" the real Pokemon cards.","temperature":0,"avg_logprob":-0.2598790322580645,"compression_ratio":1.974820143884892,"no_speech_prob":0.0279998779296875,"words":[]},{"start":3557.24,"end":3558.7599999999998,"text":" Like the actual physical Pokemon cards.","temperature":0,"avg_logprob":-0.2598790322580645,"compression_ratio":1.974820143884892,"no_speech_prob":0.0279998779296875,"words":[]},{"start":3558.7599999999998,"end":3561.92,"text":" Pokemon cards held in a vault somewhere,","temperature":0,"avg_logprob":-0.2598790322580645,"compression_ratio":1.974820143884892,"no_speech_prob":0.0279998779296875,"words":[]},{"start":3561.92,"end":3563.2,"text":" like a physical vault.","temperature":0,"avg_logprob":-0.2598790322580645,"compression_ratio":1.974820143884892,"no_speech_prob":0.0279998779296875,"words":[]},{"start":3563.2,"end":3564.7999999999997,"text":" So it's a real asset.","temperature":0,"avg_logprob":-0.2598790322580645,"compression_ratio":1.974820143884892,"no_speech_prob":0.0279998779296875,"words":[]},{"start":3564.7999999999997,"end":3565.88,"text":" It's a real world asset.","temperature":0,"avg_logprob":-0.2598790322580645,"compression_ratio":1.974820143884892,"no_speech_prob":0.0279998779296875,"words":[]},{"start":3565.88,"end":3568.2,"text":" Tokenized by this one project called collector crypt","temperature":0,"avg_logprob":-0.2598790322580645,"compression_ratio":1.974820143884892,"no_speech_prob":0.0279998779296875,"words":[]},{"start":3568.2,"end":3569.7999999999997,"text":" and you can go and you can like open up,","temperature":0,"avg_logprob":-0.2598790322580645,"compression_ratio":1.974820143884892,"no_speech_prob":0.0279998779296875,"words":[]},{"start":3569.7999999999997,"end":3573.16,"text":" you can buy for $55, you can buy a pack,","temperature":0,"avg_logprob":-0.2598790322580645,"compression_ratio":1.974820143884892,"no_speech_prob":0.0279998779296875,"words":[]},{"start":3573.16,"end":3574.88,"text":" a Pokemon card pack and you open up the pack","temperature":0,"avg_logprob":-0.2598790322580645,"compression_ratio":1.974820143884892,"no_speech_prob":0.0279998779296875,"words":[]},{"start":3575,"end":3576.28,"text":" and there's a Pokemon card in there.","temperature":0,"avg_logprob":-0.2953042328042328,"compression_ratio":1.7555555555555555,"no_speech_prob":0.00701141357421875,"words":[]},{"start":3576.28,"end":3578.12,"text":" And like some people are like celebrating,","temperature":0,"avg_logprob":-0.2953042328042328,"compression_ratio":1.7555555555555555,"no_speech_prob":0.00701141357421875,"words":[]},{"start":3578.12,"end":3579.6,"text":" like, oh, I opened up a Charizard","temperature":0,"avg_logprob":-0.2953042328042328,"compression_ratio":1.7555555555555555,"no_speech_prob":0.00701141357421875,"words":[]},{"start":3579.6,"end":3582.32,"text":" and then you can sell it on the marketplace.","temperature":0,"avg_logprob":-0.2953042328042328,"compression_ratio":1.7555555555555555,"no_speech_prob":0.00701141357421875,"words":[]},{"start":3582.32,"end":3583.6,"text":" You're not gonna get a Charizard,","temperature":0,"avg_logprob":-0.2953042328042328,"compression_ratio":1.7555555555555555,"no_speech_prob":0.00701141357421875,"words":[]},{"start":3583.6,"end":3586.28,"text":" statistically speaking, but technically it's possible.","temperature":0,"avg_logprob":-0.2953042328042328,"compression_ratio":1.7555555555555555,"no_speech_prob":0.00701141357421875,"words":[]},{"start":3586.28,"end":3587.6,"text":" And so yeah, this is the current meta.","temperature":0,"avg_logprob":-0.2953042328042328,"compression_ratio":1.7555555555555555,"no_speech_prob":0.00701141357421875,"words":[]},{"start":3587.6,"end":3589.08,"text":" We always do this when it happens.","temperature":0,"avg_logprob":-0.2953042328042328,"compression_ratio":1.7555555555555555,"no_speech_prob":0.00701141357421875,"words":[]},{"start":3589.08,"end":3590.08,"text":" At some point, right?","temperature":0,"avg_logprob":-0.2953042328042328,"compression_ratio":1.7555555555555555,"no_speech_prob":0.00701141357421875,"words":[]},{"start":3590.08,"end":3590.92,"text":" Yeah, yeah.","temperature":0,"avg_logprob":-0.2953042328042328,"compression_ratio":1.7555555555555555,"no_speech_prob":0.00701141357421875,"words":[]},{"start":3590.92,"end":3591.76,"text":" It's hard.","temperature":0,"avg_logprob":-0.2953042328042328,"compression_ratio":1.7555555555555555,"no_speech_prob":0.00701141357421875,"words":[]},{"start":3591.76,"end":3592.6,"text":" Are you a collector?","temperature":0,"avg_logprob":-0.2953042328042328,"compression_ratio":1.7555555555555555,"no_speech_prob":0.00701141357421875,"words":[]},{"start":3592.6,"end":3594.2000000000003,"text":" Do you ever do Pokemon cards or magic cards?","temperature":0,"avg_logprob":-0.2953042328042328,"compression_ratio":1.7555555555555555,"no_speech_prob":0.00701141357421875,"words":[]},{"start":3594.2000000000003,"end":3596.1600000000003,"text":" I'd say back in the day, never once","temperature":0,"avg_logprob":-0.2953042328042328,"compression_ratio":1.7555555555555555,"no_speech_prob":0.00701141357421875,"words":[]},{"start":3596.1600000000003,"end":3597.6800000000003,"text":" I ever played the Pokemon game.","temperature":0,"avg_logprob":-0.2953042328042328,"compression_ratio":1.7555555555555555,"no_speech_prob":0.00701141357421875,"words":[]},{"start":3597.6800000000003,"end":3599,"text":" Didn't even know that there was a game","temperature":0,"avg_logprob":-0.2953042328042328,"compression_ratio":1.7555555555555555,"no_speech_prob":0.00701141357421875,"words":[]},{"start":3599,"end":3600.7200000000003,"text":" about the point was to just buy the cards.","temperature":0,"avg_logprob":-0.2953042328042328,"compression_ratio":1.7555555555555555,"no_speech_prob":0.00701141357421875,"words":[]},{"start":3600.7200000000003,"end":3603.8,"text":" You just, I had my binder with my like Charmander","temperature":0,"avg_logprob":-0.2953042328042328,"compression_ratio":1.7555555555555555,"no_speech_prob":0.00701141357421875,"words":[]},{"start":3603.84,"end":3604.6400000000003,"text":" and my Bulbasaur.","temperature":0,"avg_logprob":-0.3304093567251462,"compression_ratio":1.6257668711656441,"no_speech_prob":0.00818634033203125,"words":[]},{"start":3604.6400000000003,"end":3605.48,"text":" Who didn't?","temperature":0,"avg_logprob":-0.3304093567251462,"compression_ratio":1.6257668711656441,"no_speech_prob":0.00818634033203125,"words":[]},{"start":3605.48,"end":3607.1200000000003,"text":" This is how we reach out to the next generation.","temperature":0,"avg_logprob":-0.3304093567251462,"compression_ratio":1.6257668711656441,"no_speech_prob":0.00818634033203125,"words":[]},{"start":3607.1200000000003,"end":3609.76,"text":" Okay, it's not our like defy boomer stuff.","temperature":0,"avg_logprob":-0.3304093567251462,"compression_ratio":1.6257668711656441,"no_speech_prob":0.00818634033203125,"words":[]},{"start":3609.76,"end":3611.0800000000004,"text":" It's Pokemon cards on chain.","temperature":0,"avg_logprob":-0.3304093567251462,"compression_ratio":1.6257668711656441,"no_speech_prob":0.00818634033203125,"words":[]},{"start":3611.0800000000004,"end":3612.4,"text":" I knew this would work.","temperature":0,"avg_logprob":-0.3304093567251462,"compression_ratio":1.6257668711656441,"no_speech_prob":0.00818634033203125,"words":[]},{"start":3612.4,"end":3614,"text":" But when can you put them in Ava?","temperature":0,"avg_logprob":-0.3304093567251462,"compression_ratio":1.6257668711656441,"no_speech_prob":0.00818634033203125,"words":[]},{"start":3614,"end":3615.92,"text":" It's yeah, good question.","temperature":0,"avg_logprob":-0.3304093567251462,"compression_ratio":1.6257668711656441,"no_speech_prob":0.00818634033203125,"words":[]},{"start":3615.92,"end":3617.2000000000003,"text":" Good question.","temperature":0,"avg_logprob":-0.3304093567251462,"compression_ratio":1.6257668711656441,"no_speech_prob":0.00818634033203125,"words":[]},{"start":3617.2000000000003,"end":3619.1600000000003,"text":" All right, actually, I'm gonna show you something,","temperature":0,"avg_logprob":-0.3304093567251462,"compression_ratio":1.6257668711656441,"no_speech_prob":0.00818634033203125,"words":[]},{"start":3619.1600000000003,"end":3621.84,"text":" David, you should meet tokenized cards here.","temperature":0,"avg_logprob":-0.3304093567251462,"compression_ratio":1.6257668711656441,"no_speech_prob":0.00818634033203125,"words":[]},{"start":3621.84,"end":3622.84,"text":" Pokemon cards.","temperature":0,"avg_logprob":-0.3304093567251462,"compression_ratio":1.6257668711656441,"no_speech_prob":0.00818634033203125,"words":[]},{"start":3622.84,"end":3625.8,"text":" Did it, has anyone alerted Richie Torres to this fact?","temperature":0,"avg_logprob":-0.3304093567251462,"compression_ratio":1.6257668711656441,"no_speech_prob":0.00818634033203125,"words":[]},{"start":3625.8,"end":3627.96,"text":" Richie Torres, we actually haven't now.","temperature":0,"avg_logprob":-0.3304093567251462,"compression_ratio":1.6257668711656441,"no_speech_prob":0.00818634033203125,"words":[]},{"start":3627.96,"end":3631.52,"text":" It's, you know, Gary Gensert cannot stop us.","temperature":0,"avg_logprob":-0.3304093567251462,"compression_ratio":1.6257668711656441,"no_speech_prob":0.00818634033203125,"words":[]},{"start":3631.52,"end":3632.52,"text":" This was kind of cool though.","temperature":0,"avg_logprob":-0.3304093567251462,"compression_ratio":1.6257668711656441,"no_speech_prob":0.00818634033203125,"words":[]},{"start":3632.7599999999998,"end":3635.7599999999998,"text":" And with this, you can now borrow in defy","temperature":0,"avg_logprob":-0.17948971518987342,"compression_ratio":1.7482758620689656,"no_speech_prob":0.030670166015625,"words":[]},{"start":3635.7599999999998,"end":3638.48,"text":" using your credit score, US credit score.","temperature":0,"avg_logprob":-0.17948971518987342,"compression_ratio":1.7482758620689656,"no_speech_prob":0.030670166015625,"words":[]},{"start":3638.48,"end":3639.72,"text":" This is always a use case.","temperature":0,"avg_logprob":-0.17948971518987342,"compression_ratio":1.7482758620689656,"no_speech_prob":0.030670166015625,"words":[]},{"start":3639.72,"end":3641.08,"text":" I thought would be cool.","temperature":0,"avg_logprob":-0.17948971518987342,"compression_ratio":1.7482758620689656,"no_speech_prob":0.030670166015625,"words":[]},{"start":3641.08,"end":3643.04,"text":" And it's just started happening.","temperature":0,"avg_logprob":-0.17948971518987342,"compression_ratio":1.7482758620689656,"no_speech_prob":0.030670166015625,"words":[]},{"start":3643.04,"end":3645.96,"text":" So, you know, you have a credit score","temperature":0,"avg_logprob":-0.17948971518987342,"compression_ratio":1.7482758620689656,"no_speech_prob":0.030670166015625,"words":[]},{"start":3645.96,"end":3648.4,"text":" based on your credit history in the US, right?","temperature":0,"avg_logprob":-0.17948971518987342,"compression_ratio":1.7482758620689656,"no_speech_prob":0.030670166015625,"words":[]},{"start":3648.4,"end":3651.32,"text":" You pay your rent, like mortgages, whatever.","temperature":0,"avg_logprob":-0.17948971518987342,"compression_ratio":1.7482758620689656,"no_speech_prob":0.030670166015625,"words":[]},{"start":3651.32,"end":3653.24,"text":" You know, do you pay your credit card bills?","temperature":0,"avg_logprob":-0.17948971518987342,"compression_ratio":1.7482758620689656,"no_speech_prob":0.030670166015625,"words":[]},{"start":3653.24,"end":3655.04,"text":" And this is score.","temperature":0,"avg_logprob":-0.17948971518987342,"compression_ratio":1.7482758620689656,"no_speech_prob":0.030670166015625,"words":[]},{"start":3655.04,"end":3656.32,"text":" I don't know what your score is.","temperature":0,"avg_logprob":-0.17948971518987342,"compression_ratio":1.7482758620689656,"no_speech_prob":0.030670166015625,"words":[]},{"start":3656.32,"end":3658.8,"text":" Some people track this to the end degree.","temperature":0,"avg_logprob":-0.17948971518987342,"compression_ratio":1.7482758620689656,"no_speech_prob":0.030670166015625,"words":[]},{"start":3658.8,"end":3660.72,"text":" I, as soon as I got into crypto,","temperature":0,"avg_logprob":-0.17948971518987342,"compression_ratio":1.7482758620689656,"no_speech_prob":0.030670166015625,"words":[]},{"start":3660.72,"end":3661.56,"text":" I was like, I don't care about that.","temperature":0,"avg_logprob":-0.17948971518987342,"compression_ratio":1.7482758620689656,"no_speech_prob":0.030670166015625,"words":[]},{"start":3661.56,"end":3662.7599999999998,"text":" I don't care about this, you know,","temperature":0,"avg_logprob":-0.24625,"compression_ratio":1.7919708029197081,"no_speech_prob":0.0018100738525390625,"words":[]},{"start":3662.7599999999998,"end":3665.2799999999997,"text":" there's like a 600, 700 is better day.","temperature":0,"avg_logprob":-0.24625,"compression_ratio":1.7919708029197081,"no_speech_prob":0.0018100738525390625,"words":[]},{"start":3665.2799999999997,"end":3666.7999999999997,"text":" I don't know where it's good, yeah.","temperature":0,"avg_logprob":-0.24625,"compression_ratio":1.7919708029197081,"no_speech_prob":0.0018100738525390625,"words":[]},{"start":3666.7999999999997,"end":3670.4,"text":" So, you can just import that into defy","temperature":0,"avg_logprob":-0.24625,"compression_ratio":1.7919708029197081,"no_speech_prob":0.0018100738525390625,"words":[]},{"start":3670.4,"end":3672.64,"text":" and using this protocol called,","temperature":0,"avg_logprob":-0.24625,"compression_ratio":1.7919708029197081,"no_speech_prob":0.0018100738525390625,"words":[]},{"start":3672.64,"end":3674.56,"text":" let's see what it's called, 3Jane.","temperature":0,"avg_logprob":-0.24625,"compression_ratio":1.7919708029197081,"no_speech_prob":0.0018100738525390625,"words":[]},{"start":3674.56,"end":3676.7599999999998,"text":" You actually just borrow money on defy","temperature":0,"avg_logprob":-0.24625,"compression_ratio":1.7919708029197081,"no_speech_prob":0.0018100738525390625,"words":[]},{"start":3677.7599999999998,"end":3679.16,"text":" using your credit score.","temperature":0,"avg_logprob":-0.24625,"compression_ratio":1.7919708029197081,"no_speech_prob":0.0018100738525390625,"words":[]},{"start":3679.16,"end":3682.24,"text":" So, get your credit karma score, whatever,","temperature":0,"avg_logprob":-0.24625,"compression_ratio":1.7919708029197081,"no_speech_prob":0.0018100738525390625,"words":[]},{"start":3682.24,"end":3684.36,"text":" beam it in here and it'll give you a certain amount","temperature":0,"avg_logprob":-0.24625,"compression_ratio":1.7919708029197081,"no_speech_prob":0.0018100738525390625,"words":[]},{"start":3684.36,"end":3686.92,"text":" based on your credit score, what you can borrow.","temperature":0,"avg_logprob":-0.24625,"compression_ratio":1.7919708029197081,"no_speech_prob":0.0018100738525390625,"words":[]},{"start":3686.92,"end":3689.16,"text":" So, this is like a credit use case","temperature":0,"avg_logprob":-0.24625,"compression_ratio":1.7919708029197081,"no_speech_prob":0.0018100738525390625,"words":[]},{"start":3689.16,"end":3690.96,"text":" using a real world credit score.","temperature":0,"avg_logprob":-0.24625,"compression_ratio":1.7919708029197081,"no_speech_prob":0.0018100738525390625,"words":[]},{"start":3690.96,"end":3693,"text":" I need to put my ID in.","temperature":0,"avg_logprob":-0.2378177966101695,"compression_ratio":1.7808219178082192,"no_speech_prob":0.003650665283203125,"words":[]},{"start":3693,"end":3694.84,"text":" Probably, I don't know, probably.","temperature":0,"avg_logprob":-0.2378177966101695,"compression_ratio":1.7808219178082192,"no_speech_prob":0.003650665283203125,"words":[]},{"start":3694.84,"end":3697.2,"text":" So, like, if I run away with the funds,","temperature":0,"avg_logprob":-0.2378177966101695,"compression_ratio":1.7808219178082192,"no_speech_prob":0.003650665283203125,"words":[]},{"start":3697.2,"end":3698.04,"text":" can they come after me?","temperature":0,"avg_logprob":-0.2378177966101695,"compression_ratio":1.7808219178082192,"no_speech_prob":0.003650665283203125,"words":[]},{"start":3698.04,"end":3700.32,"text":" Well, it'll hurt your credit score.","temperature":0,"avg_logprob":-0.2378177966101695,"compression_ratio":1.7808219178082192,"no_speech_prob":0.003650665283203125,"words":[]},{"start":3700.32,"end":3701.16,"text":" Don't do that.","temperature":0,"avg_logprob":-0.2378177966101695,"compression_ratio":1.7808219178082192,"no_speech_prob":0.003650665283203125,"words":[]},{"start":3701.16,"end":3702.16,"text":" I don't care.","temperature":0,"avg_logprob":-0.2378177966101695,"compression_ratio":1.7808219178082192,"no_speech_prob":0.003650665283203125,"words":[]},{"start":3702.16,"end":3704.88,"text":" If you don't care, it's a one time only thing, David.","temperature":0,"avg_logprob":-0.2378177966101695,"compression_ratio":1.7808219178082192,"no_speech_prob":0.003650665283203125,"words":[]},{"start":3704.88,"end":3706.64,"text":" If you don't care, if you're never gonna use","temperature":0,"avg_logprob":-0.2378177966101695,"compression_ratio":1.7808219178082192,"no_speech_prob":0.003650665283203125,"words":[]},{"start":3706.64,"end":3709.28,"text":" the credit score, I just saw a screen shot","temperature":0,"avg_logprob":-0.2378177966101695,"compression_ratio":1.7808219178082192,"no_speech_prob":0.003650665283203125,"words":[]},{"start":3709.28,"end":3711.36,"text":" with $42,000 on your screen.","temperature":0,"avg_logprob":-0.2378177966101695,"compression_ratio":1.7808219178082192,"no_speech_prob":0.003650665283203125,"words":[]},{"start":3711.36,"end":3712.92,"text":" If I can go to this app,","temperature":0,"avg_logprob":-0.2378177966101695,"compression_ratio":1.7808219178082192,"no_speech_prob":0.003650665283203125,"words":[]},{"start":3712.92,"end":3715.96,"text":" and I can, I don't know my credit score for $42,000.","temperature":0,"avg_logprob":-0.2378177966101695,"compression_ratio":1.7808219178082192,"no_speech_prob":0.003650665283203125,"words":[]},{"start":3715.96,"end":3717.92,"text":" I think that's right, I do that.","temperature":0,"avg_logprob":-0.2378177966101695,"compression_ratio":1.7808219178082192,"no_speech_prob":0.003650665283203125,"words":[]},{"start":3717.92,"end":3720.16,"text":" Your credit score is literally dropping as we speak","temperature":0,"avg_logprob":-0.2378177966101695,"compression_ratio":1.7808219178082192,"no_speech_prob":0.003650665283203125,"words":[]},{"start":3720.16,"end":3722.16,"text":" because someone's probably listening in","temperature":0,"avg_logprob":-0.2029655612244898,"compression_ratio":1.497560975609756,"no_speech_prob":0.0030269622802734375,"words":[]},{"start":3722.16,"end":3724.68,"text":" is like, we're not giving this guy any money.","temperature":0,"avg_logprob":-0.2029655612244898,"compression_ratio":1.497560975609756,"no_speech_prob":0.0030269622802734375,"words":[]},{"start":3725.6,"end":3726.68,"text":" Well, let's end it there.","temperature":0,"avg_logprob":-0.2029655612244898,"compression_ratio":1.497560975609756,"no_speech_prob":0.0030269622802734375,"words":[]},{"start":3726.68,"end":3728.68,"text":" You know, crypto is risky.","temperature":0,"avg_logprob":-0.2029655612244898,"compression_ratio":1.497560975609756,"no_speech_prob":0.0030269622802734375,"words":[]},{"start":3728.68,"end":3729.8399999999997,"text":" You could lose what you put in,","temperature":0,"avg_logprob":-0.2029655612244898,"compression_ratio":1.497560975609756,"no_speech_prob":0.0030269622802734375,"words":[]},{"start":3729.8399999999997,"end":3730.64,"text":" but we're headed west.","temperature":0,"avg_logprob":-0.2029655612244898,"compression_ratio":1.497560975609756,"no_speech_prob":0.0030269622802734375,"words":[]},{"start":3730.64,"end":3731.48,"text":" This is the frontier.","temperature":0,"avg_logprob":-0.2029655612244898,"compression_ratio":1.497560975609756,"no_speech_prob":0.0030269622802734375,"words":[]},{"start":3731.48,"end":3732.3999999999996,"text":" It's not for everyone,","temperature":0,"avg_logprob":-0.2029655612244898,"compression_ratio":1.497560975609756,"no_speech_prob":0.0030269622802734375,"words":[]},{"start":3732.3999999999996,"end":3734.64,"text":" but we're glad you're with us on the bankless journey.","temperature":0,"avg_logprob":-0.2029655612244898,"compression_ratio":1.497560975609756,"no_speech_prob":0.0030269622802734375,"words":[]},{"start":3734.64,"end":3735.48,"text":" Thanks a lot.","temperature":0,"avg_logprob":-0.2029655612244898,"compression_ratio":1.497560975609756,"no_speech_prob":0.0030269622802734375,"words":[]}],"vtt":"WEBVTT\n\n1\n00:00:00.000 --> 00:00:17.480\n Thank you so much.\n\n2\n00:00:17.480 --> 00:00:19.320\n Man, dude, how funny is that?\n\n3\n00:00:19.320 --> 00:00:22.199\n It's because some point where I can just call it.\n\n4\n00:00:22.199 --> 00:00:25.399\n Or like, okay, I'm going on some wild crazy adventure.\n\n5\n00:00:25.399 --> 00:00:28.759\n Ethan's gonna do something and it's just so consistent\n\n6\n00:00:28.759 --> 00:00:30.520\n to this point, that was actually pretty immaculate.\n\n7\n00:00:30.520 --> 00:00:31.719\n Cause you were kind of off the grid.\n\n8\n00:00:31.719 --> 00:00:32.920\n You were a burning man.\n\n9\n00:00:32.920 --> 00:00:34.240\n I was gone.\n\n10\n00:00:34.240 --> 00:00:36.000\n Okay, at what point did you know\n\n11\n00:00:36.000 --> 00:00:37.439\n that we hit an all time high at all?\n\n12\n00:00:37.439 --> 00:00:38.519\n It was probably gone by then.\n\n13\n00:00:38.519 --> 00:00:41.280\n I was, we were watching me and Ben Lakeoff\n\n14\n00:00:41.280 --> 00:00:42.439\n at Trambaco's Ventures.\n\n15\n00:00:42.439 --> 00:00:46.560\n We were in Reno driving to Burning Man losing service\n\n16\n00:00:46.560 --> 00:00:48.800\n as Ethan was flirting with all time.\n\n17\n00:00:48.800 --> 00:00:50.240\n Oh, that had to be hard.\n\n18\n00:00:50.240 --> 00:00:52.719\n Yeah, and we lost service.\n\n19\n00:00:52.719 --> 00:00:56.920\n And Ethan was like 4780 or something.\n\n20\n00:00:56.920 --> 00:01:00.520\n And then I think, I got like a random bit\n\n21\n00:01:00.520 --> 00:01:03.840\n of service on the fly at like four days into it.\n\n22\n00:01:03.840 --> 00:01:05.520\n And what did I see?\n\n23\n00:01:05.520 --> 00:01:06.680\n It was already over.\n\n24\n00:01:06.680 --> 00:01:09.200\n I saw some message from the discourse saying\n\n25\n00:01:09.200 --> 00:01:10.840\n so somebody was like, oh, congrats on Ethan.\n\n26\n00:01:10.840 --> 00:01:11.680\n All time high.\n\n27\n00:01:11.680 --> 00:01:13.120\n The message was like two days old or something.\n\n28\n00:01:13.120 --> 00:01:13.960\n Yeah, yeah, yeah.\n\n29\n00:01:13.960 --> 00:01:15.200\n But unfortunately by the time you got that,\n\n30\n00:01:15.200 --> 00:01:17.200\n if you checked prices, it probably would have been like\n\n31\n00:01:17.200 --> 00:01:19.640\n 42 longer or something like that.\n\n32\n00:01:19.640 --> 00:01:20.879\n Anyway, it was there.\n\n33\n00:01:20.879 --> 00:01:22.600\n So how is Burning Man though?\n\n34\n00:01:22.600 --> 00:01:25.200\n Burning Man is probably one of the greatest.\n\n35\n00:01:25.200 --> 00:01:29.560\n If you can survive being dirty and sleeping in a tent\n\n36\n00:01:29.560 --> 00:01:31.079\n for an extended amount of period,\n\n37\n00:01:31.079 --> 00:01:33.240\n Burning Man is like an incredible experience.\n\n38\n00:01:33.240 --> 00:01:34.800\n Okay, this is you in the sandstorm.\n\n39\n00:01:34.800 --> 00:01:37.520\n I was seeing all these images of like sand happening\n\n40\n00:01:37.520 --> 00:01:39.359\n and it was the sandiest Burning Man ever.\n\n41\n00:01:39.359 --> 00:01:40.840\n I was like, oh, David's in for it.\n\n42\n00:01:40.840 --> 00:01:42.840\n I talked to like Burning Man people who had gone\n\n43\n00:01:42.840 --> 00:01:44.159\n for like 20 times.\n\n44\n00:01:44.159 --> 00:01:46.239\n And people said that it was this storm\n\n45\n00:01:46.239 --> 00:01:49.799\n that came in and wrecked the burn in the first day.\n\n46\n00:01:49.799 --> 00:01:51.640\n Was the biggest storm that they had ever seen.\n\n47\n00:01:51.640 --> 00:01:54.359\n And it was like 60 mile an hour when I was holding on\n\n48\n00:01:54.359 --> 00:01:56.039\n to what we call tent city.\n\n49\n00:01:56.039 --> 00:01:59.599\n And it's like just like piping that holds up tarps\n\n50\n00:01:59.599 --> 00:02:00.560\n that gives you some shade.\n\n51\n00:02:00.560 --> 00:02:02.400\n So you're not burning up in the sun.\n\n52\n00:02:02.400 --> 00:02:04.400\n And so the tarps are just massive sails.\n\n53\n00:02:04.400 --> 00:02:05.719\n And I was holding on to this piping\n\n54\n00:02:05.719 --> 00:02:06.719\n to make sure it didn't blow away.\n\n55\n00:02:06.719 --> 00:02:09.479\n And I got lifted up off of the ground.\n\n56\n00:02:09.479 --> 00:02:10.319\n Yeah.\n\n57\n00:02:10.319 --> 00:02:11.639\n That's kind of fun.\n\n58\n00:02:11.639 --> 00:02:12.479\n Yeah.\n\n59\n00:02:12.479 --> 00:02:13.319\n Was it kind of fun to be in the sandstorm?\n\n60\n00:02:13.599 --> 00:02:15.439\n No, it was a top three crisis moment.\n\n61\n00:02:15.439 --> 00:02:17.319\n And where like the tarps started ripping\n\n62\n00:02:17.319 --> 00:02:19.039\n and we all had to strike a tent city.\n\n63\n00:02:19.039 --> 00:02:20.879\n So that means we used to take everything down.\n\n64\n00:02:20.879 --> 00:02:22.759\n And so we built all day and then we had to take it down\n\n65\n00:02:22.759 --> 00:02:24.680\n because of the storm and then we built again the next day.\n\n66\n00:02:24.680 --> 00:02:26.519\n And then there was another storm, not as bad,\n\n67\n00:02:26.519 --> 00:02:28.560\n but more rain and then it was muddy.\n\n68\n00:02:28.560 --> 00:02:30.120\n And then there was a third storm the next day.\n\n69\n00:02:30.120 --> 00:02:32.840\n So this Burning Man got off to a very rocky start\n\n70\n00:02:32.840 --> 00:02:33.719\n but it all came together.\n\n71\n00:02:33.719 --> 00:02:34.560\n It came together.\n\n72\n00:02:34.560 --> 00:02:36.400\n So tell me something you learned\n\n73\n00:02:36.400 --> 00:02:39.280\n and something you learned maybe about yourself.\n\n74\n00:02:39.280 --> 00:02:42.000\n It was definitely the most like hyper social I've been.\n\n75\n00:02:42.000 --> 00:02:44.960\n Yeah, usually I can spend time with people\n\n76\n00:02:44.960 --> 00:02:47.439\n for like six hours at most.\n\n77\n00:02:47.439 --> 00:02:50.360\n And then I need to like go be alone.\n\n78\n00:02:50.360 --> 00:02:51.560\n I did 10 days.\n\n79\n00:02:51.560 --> 00:02:52.400\n And it was fun.\n\n80\n00:02:52.400 --> 00:02:53.240\n People don't know this about you.\n\n81\n00:02:53.240 --> 00:02:56.360\n You're actually like more on the introvert type spectrum, right?\n\n82\n00:02:56.360 --> 00:02:57.360\n Yeah, and people.\n\n83\n00:02:57.360 --> 00:02:58.840\n So like, yeah, people meet me at a conference\n\n84\n00:02:58.840 --> 00:03:00.039\n and they expect me to be all chatty.\n\n85\n00:03:00.039 --> 00:03:01.759\n And I'm like, bro, I'm oversensitive.\n\n86\n00:03:01.759 --> 00:03:03.240\n Oh, we're accumulated right now.\n\n87\n00:03:03.240 --> 00:03:06.000\n But yeah, it was great.\n\n88\n00:03:06.000 --> 00:03:07.039\n The camp was great.\n\n89\n00:03:07.039 --> 00:03:09.960\n The cool thing about Burning Man is it's very like tribalistic\n\n90\n00:03:10.000 --> 00:03:12.360\n in the sense that not like crypto Twitter tribes,\n\n91\n00:03:12.360 --> 00:03:16.159\n but like you're living with a group of 50 to 100 people.\n\n92\n00:03:16.159 --> 00:03:17.640\n You are making decisions together.\n\n93\n00:03:17.640 --> 00:03:18.719\n You are eating together.\n\n94\n00:03:18.719 --> 00:03:20.600\n You are adventuring together.\n\n95\n00:03:20.600 --> 00:03:24.800\n You are having to like do like make tough calls together.\n\n96\n00:03:24.800 --> 00:03:26.080\n And it's like living in a tribe.\n\n97\n00:03:26.080 --> 00:03:28.439\n You all have work to do because there's shifts.\n\n98\n00:03:28.439 --> 00:03:29.280\n And you do that.\n\n99\n00:03:29.280 --> 00:03:33.080\n And it's like the most like primal, ancestral,\n\n100\n00:03:33.080 --> 00:03:34.240\n like experience that people have.\n\n101\n00:03:34.240 --> 00:03:35.439\n It's kind of how we were meant to live, though.\n\n102\n00:03:35.439 --> 00:03:36.280\n Exactly.\n\n103\n00:03:36.280 --> 00:03:38.960\n It's kind of how humanity has done things forever,\n\n104\n00:03:38.960 --> 00:03:41.599\n except for our last couple thousand years\n\n105\n00:03:41.599 --> 00:03:43.080\n of the modern period, right?\n\n106\n00:03:43.080 --> 00:03:45.840\n And this is why we feel so unnatural most of the time.\n\n107\n00:03:45.840 --> 00:03:47.439\n And it's increasingly feeling unnatural\n\n108\n00:03:47.439 --> 00:03:50.560\n with all of the digitization in our lives, right?\n\n109\n00:03:50.560 --> 00:03:53.240\n And this is getting way back to how burning man,\n\n110\n00:03:53.240 --> 00:03:54.640\n that burning man is the real world\n\n111\n00:03:54.640 --> 00:03:57.200\n and the world that we're currently in is the default world.\n\n112\n00:03:57.200 --> 00:03:58.439\n Yeah.\n\n113\n00:03:58.439 --> 00:03:59.280\n But it was great.\n\n114\n00:03:59.280 --> 00:04:00.120\n It's kind of cool.\n\n115\n00:04:00.120 --> 00:04:00.960\n I encourage everyone to go.\n\n116\n00:04:00.960 --> 00:04:02.719\n There's also like, there's a lot of big overlap\n\n117\n00:04:02.719 --> 00:04:04.840\n band diagram between crypto and burning man.\n\n118\n00:04:04.840 --> 00:04:06.560\n There's like a shared ethos there.\n\n119\n00:04:06.560 --> 00:04:08.760\n I put that into an article of people ever want to read that.\n\n120\n00:04:08.760 --> 00:04:09.760\n Let's put it in the show notes.\n\n121\n00:04:09.760 --> 00:04:10.760\n Let's see that.\n\n122\n00:04:10.760 --> 00:04:13.040\n Meanwhile, though, David, we got to get people up to speed\n\n123\n00:04:13.040 --> 00:04:15.040\n on the week in crypto, including you,\n\n124\n00:04:15.040 --> 00:04:16.640\n because I got back yesterday.\n\n125\n00:04:16.640 --> 00:04:19.240\n So I have no idea what I'm doing reading out of news.\n\n126\n00:04:19.240 --> 00:04:20.360\n Well, let me give you a few things.\n\n127\n00:04:20.360 --> 00:04:22.080\n So first, we're going to talk about the mystery\n\n128\n00:04:22.080 --> 00:04:22.920\n of the ETH treasuries.\n\n129\n00:04:22.920 --> 00:04:25.920\n All right, David, they've been buying so much ETH,\n\n130\n00:04:25.920 --> 00:04:27.080\n incredible accumulation.\n\n131\n00:04:27.080 --> 00:04:29.000\n We're going to look at the last 90 days of accumulation.\n\n132\n00:04:29.000 --> 00:04:30.640\n But why is ETH still down?\n\n133\n00:04:30.640 --> 00:04:32.720\n And also, David, M-navs are down.\n\n134\n00:04:32.720 --> 00:04:34.640\n Okay, we've got big ETH treasuries.\n\n135\n00:04:34.640 --> 00:04:37.480\n And the M-navs are below one right now.\n\n136\n00:04:37.480 --> 00:04:39.160\n Tom Lee, though, says, have faith.\n\n137\n00:04:39.160 --> 00:04:41.400\n I'm going to play you a bull clip of Tom Lee.\n\n138\n00:04:41.400 --> 00:04:43.120\n Get your response on that.\n\n139\n00:04:43.120 --> 00:04:45.720\n He says, there's a way for us to hit 60K.\n\n140\n00:04:45.720 --> 00:04:46.560\n All right, we just got to wait.\n\n141\n00:04:46.560 --> 00:04:47.560\n We just got to have faith.\n\n142\n00:04:47.560 --> 00:04:50.080\n Also, I come back and world liberty financial,\n\n143\n00:04:50.080 --> 00:04:51.640\n the token is now trading.\n\n144\n00:04:51.640 --> 00:04:54.160\n Apparently, Trump's crypto wealth,\n\n145\n00:04:54.160 --> 00:04:57.360\n crypto paper wealth has flipped his real estate wealth,\n\n146\n00:04:57.360 --> 00:05:01.400\n which is just a crazy thing that that exists.\n\n147\n00:05:01.400 --> 00:05:02.920\n So we'll talk about everything about the world\n\n148\n00:05:02.920 --> 00:05:05.879\n liberty financial and how much money Trump made.\n\n149\n00:05:05.879 --> 00:05:08.319\n And also, United States citizens\n\n150\n00:05:08.319 --> 00:05:10.399\n can now use polymarket.\n\n151\n00:05:10.399 --> 00:05:11.399\n It's not illegal anymore.\n\n152\n00:05:11.399 --> 00:05:13.240\n We can all take down our VPNs.\n\n153\n00:05:13.240 --> 00:05:14.079\n That's pretty exciting.\n\n154\n00:05:14.079 --> 00:05:15.240\n I'm pretty stoked about that.\n\n155\n00:05:15.240 --> 00:05:17.639\n We got some big updates on tokenized stocks this week\n\n156\n00:05:17.639 --> 00:05:20.040\n as well, Ando and Galaxy shipping some things.\n\n157\n00:05:20.040 --> 00:05:23.719\n Also, so more details on, you remember that stripe layer one?\n\n158\n00:05:23.719 --> 00:05:25.800\n We've been talking about, I think, before you left tempo.\n\n159\n00:05:25.800 --> 00:05:27.159\n Okay, we got some more details on that,\n\n160\n00:05:27.159 --> 00:05:28.680\n including an announcement post.\n\n161\n00:05:28.680 --> 00:05:30.240\n Also, this is really exciting.\n\n162\n00:05:30.240 --> 00:05:31.800\n This kind of happened.\n\n163\n00:05:31.800 --> 00:05:35.360\n We might soon be able to buy spot Bitcoin\n\n164\n00:05:35.360 --> 00:05:38.960\n and spot ETH on the New York stock exchange.\n\n165\n00:05:38.960 --> 00:05:40.000\n How does that work?\n\n166\n00:05:40.000 --> 00:05:41.960\n I tell you, not the ETFs.\n\n167\n00:05:41.960 --> 00:05:42.800\n Not the ETFs.\n\n168\n00:05:42.800 --> 00:05:43.639\n This is something else.\n\n169\n00:05:43.639 --> 00:05:44.480\n What an ETF was for?\n\n170\n00:05:44.480 --> 00:05:49.480\n No, it is, but we might also get real spot Bitcoin spot ETFs.\n\n171\n00:05:50.080 --> 00:05:51.199\n Not ETFs, excuse me.\n\n172\n00:05:51.199 --> 00:05:54.280\n The actual asset itself on these exchanges,\n\n173\n00:05:54.280 --> 00:05:55.840\n both the Nasak and New York stock exchange.\n\n174\n00:05:55.840 --> 00:05:56.680\n So, okay.\n\n175\n00:05:56.680 --> 00:05:57.840\n All that and more coming up.\n\n176\n00:05:57.840 --> 00:06:00.840\n But first David, I know you are dying to tell us\n\n177\n00:06:00.840 --> 00:06:02.360\n about sanctum.\n\n178\n00:06:02.360 --> 00:06:04.480\n What is, our friends and sponsors over at spanked\n\n179\n00:06:05.480 --> 00:06:07.240\n at sanctum.\n\n180\n00:06:07.240 --> 00:06:08.800\n What do they got to?\n\n181\n00:06:08.800 --> 00:06:12.720\n First, I, David Hoffman, want you listener to know\n\n182\n00:06:12.720 --> 00:06:16.200\n that if you are holding soul and you are not staking it,\n\n183\n00:06:16.200 --> 00:06:18.240\n you are being a mega idiot.\n\n184\n00:06:18.240 --> 00:06:20.480\n Our friends and sponsors over at sanctum\n\n185\n00:06:20.480 --> 00:06:22.160\n want to help with that.\n\n186\n00:06:22.160 --> 00:06:24.600\n Sanctum is the fourth largest salon protocol,\n\n187\n00:06:24.600 --> 00:06:26.560\n one of the leaders in Salana Staking.\n\n188\n00:06:26.560 --> 00:06:29.640\n They give you the best performance on your stake soul.\n\n189\n00:06:29.640 --> 00:06:32.400\n So the value of your soul does not inflate away.\n\n190\n00:06:32.400 --> 00:06:36.280\n They have better historic yields than Gido soul and M soul.\n\n191\n00:06:36.280 --> 00:06:37.240\n And in addition to all of that,\n\n192\n00:06:37.240 --> 00:06:38.760\n they're also setting a new standard\n\n193\n00:06:38.760 --> 00:06:40.160\n for transparency in the space.\n\n194\n00:06:40.160 --> 00:06:42.640\n They are only one of two companies\n\n195\n00:06:42.640 --> 00:06:45.760\n to score a perfect 4040 on the block works token\n\n196\n00:06:45.760 --> 00:06:47.680\n transparency framework.\n\n197\n00:06:47.680 --> 00:06:50.280\n So investors can get assurances about the details\n\n198\n00:06:50.280 --> 00:06:51.880\n of the project that they hold\n\n199\n00:06:51.880 --> 00:06:53.920\n if you hold their cloud token.\n\n200\n00:06:53.920 --> 00:06:56.280\n There's a report, banklist.cc slash sanctum,\n\n201\n00:06:56.280 --> 00:06:57.880\n hyphen report, a comprehensive report\n\n202\n00:06:57.880 --> 00:06:59.160\n that will give you a very clear picture\n\n203\n00:06:59.160 --> 00:07:01.400\n about how exactly their business is doing.\n\n204\n00:07:01.400 --> 00:07:04.400\n I appreciate the notion that we are getting clarity\n\n205\n00:07:04.400 --> 00:07:06.560\n about the projects that have tokens in this space\n\n206\n00:07:06.560 --> 00:07:09.240\n and getting a peak into the inner workings.\n\n207\n00:07:09.240 --> 00:07:11.760\n There is a link in the show notes to see all of that\n\n208\n00:07:11.760 --> 00:07:13.640\n and learn more about about sanctum.\n\n209\n00:07:13.640 --> 00:07:16.040\n You got to stake your soul or you lose your soul, right David?\n\n210\n00:07:16.040 --> 00:07:17.040\n I'm right about that.\n\n211\n00:07:17.040 --> 00:07:17.880\n That's right.\n\n212\n00:07:17.880 --> 00:07:19.600\n Don't want to lose your soul.\n\n213\n00:07:19.600 --> 00:07:21.440\n Let's talk about prices on the week.\n\n214\n00:07:21.440 --> 00:07:22.960\n We got Bitcoin.\n\n215\n00:07:22.960 --> 00:07:26.560\n It is 109K, I believe.\n\n216\n00:07:26.560 --> 00:07:27.920\n What's this on the week?\n\n217\n00:07:27.920 --> 00:07:29.120\n We return price.\n\n218\n00:07:29.199 --> 00:07:33.680\n Of recording, $109,400 down 3%.\n\n219\n00:07:33.680 --> 00:07:34.920\n I think there's a big question going on.\n\n220\n00:07:34.920 --> 00:07:37.720\n I come back to crypto Twitter Ryan\n\n221\n00:07:37.720 --> 00:07:39.079\n and I see two things.\n\n222\n00:07:39.079 --> 00:07:41.160\n I see tokenized Pokemon cards\n\n223\n00:07:41.160 --> 00:07:45.160\n and I see the subject of seasonality for Bitcoin.\n\n224\n00:07:45.160 --> 00:07:48.360\n September seasonality apparently is bad September bad.\n\n225\n00:07:48.360 --> 00:07:49.199\n They always say that.\n\n226\n00:07:49.199 --> 00:07:51.600\n They say it's like, down timber basically\n\n227\n00:07:51.600 --> 00:07:53.759\n and then uptober is next like so.\n\n228\n00:07:53.759 --> 00:07:55.319\n So October about October.\n\n229\n00:07:55.319 --> 00:07:56.160\n October.\n\n230\n00:07:56.160 --> 00:07:58.240\n So October, November, December have been up.\n\n231\n00:07:58.240 --> 00:08:02.199\n Have been pretty good for crypto, especially during bull years.\n\n232\n00:08:02.199 --> 00:08:04.720\n But September's have always been bad for some reason.\n\n233\n00:08:04.720 --> 00:08:05.560\n Oh, allegedly.\n\n234\n00:08:05.560 --> 00:08:07.920\n So the average Bitcoin median September return\n\n235\n00:08:07.920 --> 00:08:09.680\n is negative 3.1%.\n\n236\n00:08:09.680 --> 00:08:12.840\n Ethereum is at negative 12.5%.\n\n237\n00:08:12.840 --> 00:08:15.480\n Ben Cohen has a couple tweets iterating sentiment.\n\n238\n00:08:15.480 --> 00:08:16.400\n That's pretty similar to this.\n\n239\n00:08:16.400 --> 00:08:17.759\n He says historically Bitcoin finds\n\n240\n00:08:17.759 --> 00:08:20.240\n a low in September of the post happening year\n\n241\n00:08:20.240 --> 00:08:23.199\n and then bounces off of it into the market cycle top\n\n242\n00:08:23.199 --> 00:08:24.759\n that occurs in Q4.\n\n243\n00:08:24.759 --> 00:08:28.399\n So Ben Cohen implying a market top in Q4\n\n244\n00:08:28.399 --> 00:08:29.639\n and then he also has to tweet for ETH.\n\n245\n00:08:29.639 --> 00:08:33.759\n He thinks ETH is going to drop to about $3,600.\n\n246\n00:08:33.759 --> 00:08:38.960\n And then Ryan goes into price discovery afterwards\n\n247\n00:08:38.960 --> 00:08:40.919\n going into October obviously.\n\n248\n00:08:40.919 --> 00:08:42.759\n So if you're into the seasonality thing,\n\n249\n00:08:42.759 --> 00:08:45.080\n this is kind of what Ben Cohen is pointing at.\n\n250\n00:08:45.080 --> 00:08:47.200\n If you're not into the seasonality thing to it.\n\n251\n00:08:47.200 --> 00:08:48.039\n I'm not into it.\n\n252\n00:08:48.039 --> 00:08:50.759\n Well, I've got some tweets for you as well.\n\n253\n00:08:50.759 --> 00:08:52.919\n So we have Van Spencer who tweets out.\n\n254\n00:08:52.919 --> 00:08:56.360\n According to bears, there are only five calendar days\n\n255\n00:08:56.360 --> 00:08:58.799\n per year that you should be long.\n\n256\n00:08:58.799 --> 00:09:00.199\n Someone may go away.\n\n257\n00:09:00.199 --> 00:09:01.879\n Summer is a terrible time to be long.\n\n258\n00:09:01.879 --> 00:09:02.839\n September is bad.\n\n259\n00:09:02.839 --> 00:09:04.319\n October is bad.\n\n260\n00:09:04.319 --> 00:09:05.439\n blah, blah, blah, blah.\n\n261\n00:09:05.439 --> 00:09:07.679\n Van's saying basically this whole seasonality thing\n\n262\n00:09:07.679 --> 00:09:10.120\n is a farce just be long, which I think is,\n\n263\n00:09:10.120 --> 00:09:12.759\n that's also, I think, Rancho and Adam sentiment as well.\n\n264\n00:09:12.759 --> 00:09:13.599\n I agree.\n\n265\n00:09:13.599 --> 00:09:14.439\n I agree.\n\n266\n00:09:14.439 --> 00:09:17.039\n I mean, we're going to look at astrological signs.\n\n267\n00:09:17.039 --> 00:09:17.879\n Like what?\n\n268\n00:09:17.879 --> 00:09:19.919\n I mean, a lot of this feels like superstitious.\n\n269\n00:09:19.919 --> 00:09:22.759\n And we're going to do that.\n\n270\n00:09:22.759 --> 00:09:24.759\n All right, man, I just choose to ignore that.\n\n271\n00:09:24.759 --> 00:09:26.600\n I don't want to see 3600 teeth.\n\n272\n00:09:26.600 --> 00:09:29.200\n But if we have to go there first, then fine.\n\n273\n00:09:29.200 --> 00:09:31.200\n I'm still, I still remain bullish.\n\n274\n00:09:31.200 --> 00:09:32.360\n And speaking of that,\n\n275\n00:09:32.360 --> 00:09:35.120\n ETH price on the week, are we up or are we down?\n\n276\n00:09:35.120 --> 00:09:39.200\n $4,300 down to 4.5%.\n\n277\n00:09:39.200 --> 00:09:41.960\n But it's cool that you think that $4,300\n\n278\n00:09:41.960 --> 00:09:44.120\n and we're down, like almost 5% on the week.\n\n279\n00:09:44.120 --> 00:09:45.600\n Yeah, you know what, we were higher.\n\n280\n00:09:45.600 --> 00:09:46.600\n See, if it happens,\n\n281\n00:09:46.600 --> 00:09:48.879\n if the bull market happens too fast, David,\n\n282\n00:09:48.879 --> 00:09:50.080\n it's actually bearish.\n\n283\n00:09:50.080 --> 00:09:50.919\n I agree.\n\n284\n00:09:50.919 --> 00:09:51.759\n 100% agree with that.\n\n285\n00:09:52.039 --> 00:09:53.319\n It could end this year.\n\n286\n00:09:53.319 --> 00:09:56.159\n And I think now that we're getting some down-temper action,\n\n287\n00:09:56.159 --> 00:09:57.919\n maybe it goes a little further,\n\n288\n00:09:57.919 --> 00:10:01.360\n that's going to set us up for an elongated\n\n289\n00:10:01.360 --> 00:10:04.799\n and extended bull run into 2026.\n\n290\n00:10:04.799 --> 00:10:07.399\n That's what my astrological signs are telling me.\n\n291\n00:10:07.399 --> 00:10:09.559\n Right now, that's why I choose to be bullish.\n\n292\n00:10:09.559 --> 00:10:11.319\n The low and slow is good.\n\n293\n00:10:11.319 --> 00:10:12.159\n We like that.\n\n294\n00:10:12.159 --> 00:10:13.000\n Low and slow.\n\n295\n00:10:13.000 --> 00:10:13.840\n All right.\n\n296\n00:10:13.840 --> 00:10:15.439\n So yeah, we did cross in all time high, David,\n\n297\n00:10:15.439 --> 00:10:16.439\n when you were out, you know,\n\n298\n00:10:16.439 --> 00:10:19.399\n but I want to give you some more hope, you know, all right?\n\n299\n00:10:19.439 --> 00:10:22.199\n From our Lord and Savior,\n\n300\n00:10:22.199 --> 00:10:24.079\n the man who came in\n\n301\n00:10:24.079 --> 00:10:26.360\n and bought just incredible amounts of eat\n\n302\n00:10:26.360 --> 00:10:28.079\n and we'll talk more about his eat buys.\n\n303\n00:10:28.079 --> 00:10:29.720\n Sir Tom Lee.\n\n304\n00:10:29.720 --> 00:10:31.480\n Okay, so this clip was going around.\n\n305\n00:10:31.480 --> 00:10:32.959\n Yes, sir, we have to call it.\n\n306\n00:10:32.959 --> 00:10:33.799\n He's amazing.\n\n307\n00:10:33.799 --> 00:10:35.759\n Above the Ethereum, I mean.\n\n308\n00:10:35.759 --> 00:10:37.519\n $5 billion, you get knighted.\n\n309\n00:10:37.519 --> 00:10:38.959\n You get your certain title, okay?\n\n310\n00:10:38.959 --> 00:10:40.639\n And he is definitely there.\n\n311\n00:10:40.639 --> 00:10:41.879\n He's got some price targets.\n\n312\n00:10:41.879 --> 00:10:42.799\n I'm going to play this clip.\n\n313\n00:10:42.799 --> 00:10:43.679\n It's a long one.\n\n314\n00:10:43.679 --> 00:10:45.399\n Okay, so you'll stay tuned.\n\n315\n00:10:45.399 --> 00:10:48.000\n And it's in Tom Lee's, you know, he speaks very,\n\n316\n00:10:49.399 --> 00:10:51.919\n like he doesn't put a lot of expression in his words.\n\n317\n00:10:51.919 --> 00:10:53.319\n It's just very matter of the fact.\n\n318\n00:10:53.319 --> 00:10:55.679\n But this is the bull case and some prices\n\n319\n00:10:55.679 --> 00:10:56.879\n that he charts out for it.\n\n320\n00:10:56.879 --> 00:10:58.919\n ETH, I'm going to play this and get your reaction.\n\n321\n00:10:58.919 --> 00:11:02.319\n Well, here's Ethereum's price since 2018.\n\n322\n00:11:02.319 --> 00:11:05.159\n And as you can see, there's two periods I'm shading here.\n\n323\n00:11:05.159 --> 00:11:06.639\n These are called bases.\n\n324\n00:11:07.559 --> 00:11:09.600\n And in White Coves methodologies,\n\n325\n00:11:09.600 --> 00:11:12.559\n they say the bigger the base, the bigger the breakout.\n\n326\n00:11:12.559 --> 00:11:14.279\n And what they mean by that is that you're creating\n\n327\n00:11:14.279 --> 00:11:17.439\n a lot of potential energy as a stock\n\n328\n00:11:17.920 --> 00:11:20.400\n or a now-granted basis.\n\n329\n00:11:20.400 --> 00:11:22.240\n And then eventually leads to a breakout.\n\n330\n00:11:23.200 --> 00:11:24.680\n Well, let's look at that breakout.\n\n331\n00:11:25.720 --> 00:11:28.640\n In 2020, that breakout took place.\n\n332\n00:11:28.640 --> 00:11:33.640\n And Ethereum went from $90 to $4866 or 54 times increase.\n\n333\n00:11:35.040 --> 00:11:38.680\n Well, the low point here in this base was 1385.\n\n334\n00:11:38.680 --> 00:11:43.000\n So with this breakout, we're expecting an upside move.\n\n335\n00:11:43.000 --> 00:11:44.800\n Is it potentially 54x?\n\n336\n00:11:44.800 --> 00:11:46.920\n I'm not sure, but that's what happened last time.\n\n337\n00:11:48.280 --> 00:11:49.960\n Another way to think about Ethereum\n\n338\n00:11:49.960 --> 00:11:52.640\n is the Ethereum to Bitcoin ratio.\n\n339\n00:11:52.640 --> 00:11:55.360\n And in our view, the tailwinds I'm talking about\n\n340\n00:11:55.360 --> 00:11:57.800\n argue for an all-time high in this ratio.\n\n341\n00:11:59.160 --> 00:12:01.720\n The eight-year average, the Ethereum to Bitcoin ratio,\n\n342\n00:12:01.720 --> 00:12:06.720\n is 0.04790, and it's currently 0.04032,\n\n343\n00:12:10.240 --> 00:12:13.200\n meaning we're below the long-term average.\n\n344\n00:12:13.200 --> 00:12:17.400\n The all-time high in this ratio was 0.080727.\n\n345\n00:12:17.400 --> 00:12:18.560\n Of course, it started off higher,\n\n346\n00:12:18.560 --> 00:12:22.040\n but I'm talking about the 2021 all-time high.\n\n347\n00:12:22.960 --> 00:12:25.960\n So we think that not only should Ethereum recover\n\n348\n00:12:25.960 --> 00:12:27.040\n to the long-term average,\n\n349\n00:12:27.040 --> 00:12:30.360\n it should probably get to the all-time high ratio\n\n350\n00:12:30.360 --> 00:12:32.800\n and arguably exceed it as we start talking about\n\n351\n00:12:32.800 --> 00:12:36.200\n Ethereum acting as the chain for both Wall Street\n\n352\n00:12:36.200 --> 00:12:38.680\n to build its payment rails and the financial system\n\n353\n00:12:38.680 --> 00:12:39.800\n as well as AI.\n\n354\n00:12:40.800 --> 00:12:43.160\n So let's think about what that means for price.\n\n355\n00:12:44.320 --> 00:12:45.800\n So I have a grid here.\n\n356\n00:12:47.040 --> 00:12:51.080\n On the left side is Bitcoin price levels,\n\n357\n00:12:51.080 --> 00:12:55.040\n and then going across our various levels\n\n358\n00:12:55.040 --> 00:12:57.320\n of the Ethereum to Bitcoin ratio.\n\n359\n00:12:58.960 --> 00:13:00.120\n Are you on target?\n\n360\n00:13:00.120 --> 00:13:05.120\n This is from the fun strat side for Bitcoin is $250,000.\n\n361\n00:13:05.960 --> 00:13:10.960\n And if you look at the A-year average,\n\n362\n00:13:11.840 --> 00:13:15.799\n then you can see the range of prices for Ethereum\n\n363\n00:13:15.799 --> 00:13:19.600\n using this ratio and different levels of Bitcoin.\n\n364\n00:13:20.639 --> 00:13:22.919\n And here's the 2021 hot.\n\n365\n00:13:22.919 --> 00:13:27.600\n And as you can see, at a $250,000 Bitcoin,\n\n366\n00:13:27.600 --> 00:13:32.600\n you get to somewhere between $12,000 and $22,000 value\n\n367\n00:13:32.720 --> 00:13:34.480\n per Ethereum token.\n\n368\n00:13:35.960 --> 00:13:40.279\n But that's just a ratio recovery.\n\n369\n00:13:40.279 --> 00:13:43.159\n If you look at the replacement cost of payment rails\n\n370\n00:13:43.159 --> 00:13:45.399\n and the banking system,\n\n371\n00:13:45.399 --> 00:13:46.960\n that gets you to an implied value\n\n372\n00:13:46.960 --> 00:13:49.759\n of Ethereum of around $60,000.\n\n373\n00:13:49.759 --> 00:13:54.759\n And that puts the ratio at roughly 0.2500,\n\n374\n00:13:55.600 --> 00:13:57.480\n Ethereum to Bitcoin ratio.\n\n375\n00:13:57.480 --> 00:14:00.759\n And as you can see, that's how you get to $62,000\n\n376\n00:14:00.759 --> 00:14:02.159\n per Ethereum token.\n\n377\n00:14:02.159 --> 00:14:03.120\n There you go.\n\n378\n00:14:03.120 --> 00:14:04.320\n That's a simple as that, dude.\n\n379\n00:14:04.320 --> 00:14:07.760\n That's how you get to $62,000 per E-token.\n\n380\n00:14:07.760 --> 00:14:08.720\n All right, I should say.\n\n381\n00:14:08.720 --> 00:14:10.240\n I mean, a lot of people are quoting,\n\n382\n00:14:10.240 --> 00:14:11.960\n that's the top side of his range.\n\n383\n00:14:11.960 --> 00:14:13.760\n He's not calling for that necessarily.\n\n384\n00:14:13.760 --> 00:14:15.240\n He's saying right here,\n\n385\n00:14:15.240 --> 00:14:17.680\n the range if you just take the Bitcoin ratio\n\n386\n00:14:17.680 --> 00:14:19.280\n and we get back to average\n\n387\n00:14:19.280 --> 00:14:21.960\n and Bitcoin goes to $250,000.\n\n388\n00:14:21.960 --> 00:14:25.560\n We get $12,000 if we get our 2021 high\n\n389\n00:14:25.560 --> 00:14:29.160\n in the E-tcoin ratio, we get $22,000.\n\n390\n00:14:29.160 --> 00:14:31.920\n So his range there is $12,000 to $22,000.\n\n391\n00:14:31.920 --> 00:14:33.200\n Not necessarily by the end of the year,\n\n392\n00:14:33.200 --> 00:14:34.560\n but I don't know, maybe.\n\n393\n00:14:34.560 --> 00:14:37.920\n And then his projected Bitcoin end of your price\n\n394\n00:14:37.920 --> 00:14:39.160\n is $250,000.\n\n395\n00:14:39.160 --> 00:14:40.360\n So he's saying end of the year.\n\n396\n00:14:40.360 --> 00:14:41.720\n He didn't explicitly say,\n\n397\n00:14:41.720 --> 00:14:44.759\n therefore my expected E-t ratio end of your price,\n\n398\n00:14:44.759 --> 00:14:46.360\n he didn't continue that.\n\n399\n00:14:46.360 --> 00:14:49.400\n But it's kind of follow that he does say that.\n\n400\n00:14:49.400 --> 00:14:49.920\n Yes.\n\n401\n00:14:49.920 --> 00:14:50.759\n And then he goes,\n\n402\n00:14:50.759 --> 00:14:51.600\n but up, bubba.\n\n403\n00:14:51.600 --> 00:14:52.440\n 62K.\n\n404\n00:14:54.440 --> 00:14:55.440\n Which, okay.\n\n405\n00:14:55.440 --> 00:14:57.200\n You know, he's doing two things.\n\n406\n00:14:57.200 --> 00:14:59.120\n He's combining TA and doing the whole\n\n407\n00:14:59.120 --> 00:15:01.679\n Wycoff base thing.\n\n408\n00:15:01.679 --> 00:15:02.519\n Yeah.\n\n409\n00:15:02.519 --> 00:15:04.000\n And then he's also making an opinion stance.\n\n410\n00:15:04.000 --> 00:15:05.240\n And then he about like,\n\n411\n00:15:05.240 --> 00:15:09.000\n if Ethereum captures X% of commerce in AI,\n\n412\n00:15:09.000 --> 00:15:10.679\n like agentic commerce,\n\n413\n00:15:10.679 --> 00:15:12.120\n then you just add on to it.\n\n414\n00:15:12.120 --> 00:15:14.240\n So he's combining two different strategies here.\n\n415\n00:15:14.240 --> 00:15:15.080\n Of course.\n\n416\n00:15:15.080 --> 00:15:17.200\n But that's what everyone does in crypto, I feel like.\n\n417\n00:15:17.200 --> 00:15:18.560\n They combine a little bit of kind of\n\n418\n00:15:18.560 --> 00:15:20.360\n a lot more long term type TA,\n\n419\n00:15:20.360 --> 00:15:23.600\n call it the Ben Cowan type of thing, right?\n\n420\n00:15:23.600 --> 00:15:25.480\n This is just flavored with Tom Lee.\n\n421\n00:15:25.480 --> 00:15:28.440\n Flavored with his characteristic bullishness.\n\n422\n00:15:28.440 --> 00:15:31.520\n And now, in particular, his eat bullishness.\n\n423\n00:15:31.520 --> 00:15:35.360\n So when I saw that, this, I thought, okay.\n\n424\n00:15:35.360 --> 00:15:37.640\n I mean, of course, 62K.\n\n425\n00:15:37.640 --> 00:15:39.400\n If that means that starts to get into that,\n\n426\n00:15:39.400 --> 00:15:40.680\n doesn't sound reasonable, Tom Lee.\n\n427\n00:15:40.680 --> 00:15:42.160\n How do you get that number?\n\n428\n00:15:42.160 --> 00:15:46.040\n But when you look at sort of the long term ratio\n\n429\n00:15:46.040 --> 00:15:48.840\n and the possibilities and the building momentum,\n\n430\n00:15:48.840 --> 00:15:49.680\n that's what he said.\n\n431\n00:15:49.680 --> 00:15:51.840\n Like, you know, we've been three or four years flat.\n\n432\n00:15:51.840 --> 00:15:54.880\n And now we've broken out of that, right?\n\n433\n00:15:54.880 --> 00:15:57.240\n 12K, 22K.\n\n434\n00:15:57.240 --> 00:15:59.279\n I can see that range being totally possible.\n\n435\n00:15:59.279 --> 00:16:01.720\n Now, I don't know if we hit that by the end of the year.\n\n436\n00:16:01.720 --> 00:16:04.399\n We got to get through down, downtenberg, of course.\n\n437\n00:16:04.399 --> 00:16:07.919\n But what do you think about Tom Lee's bull case?\n\n438\n00:16:07.919 --> 00:16:10.120\n I mean, the whole of Wycoff accumulation\n\n439\n00:16:10.120 --> 00:16:11.759\n that he started with at the very beginning,\n\n440\n00:16:11.759 --> 00:16:15.480\n I resonate with because that was where I got my like,\n\n441\n00:16:15.480 --> 00:16:16.759\n shipped Wycoff.\n\n442\n00:16:16.759 --> 00:16:18.799\n Wycoff, yeah, Wycoff, yeah.\n\n443\n00:16:18.799 --> 00:16:20.759\n Yeah, that's when we were looking at all\n\n444\n00:16:20.759 --> 00:16:23.639\n throughout 2018 through 2020, when ETH was flat\n\n445\n00:16:23.639 --> 00:16:26.720\n between $100 and $300 for like two years.\n\n446\n00:16:27.000 --> 00:16:29.680\n It's actually crazy that we are twice that long.\n\n447\n00:16:29.680 --> 00:16:30.879\n And so he goes like, okay,\n\n448\n00:16:30.879 --> 00:16:34.920\n and then there was a $54X increase from $90 to $4,900.\n\n449\n00:16:34.920 --> 00:16:36.560\n Could that happen again?\n\n450\n00:16:36.560 --> 00:16:38.920\n Well, the Wycoff accumulation is twice as long.\n\n451\n00:16:38.920 --> 00:16:40.879\n And so even if you say that like, okay,\n\n452\n00:16:40.879 --> 00:16:45.639\n you can't go $54X from $4,000.\n\n453\n00:16:45.639 --> 00:16:46.800\n Sure, I'll take that.\n\n454\n00:16:46.800 --> 00:16:48.200\n Like that's probably should be base case.\n\n455\n00:16:48.200 --> 00:16:50.360\n Like you can't do another $54X into infinity.\n\n456\n00:16:50.360 --> 00:16:53.320\n But the Wycoff accumulation is twice as long.\n\n457\n00:16:53.320 --> 00:16:55.000\n And if we've done it once before,\n\n458\n00:16:55.039 --> 00:16:57.519\n so there is something to the notion\n\n459\n00:16:57.519 --> 00:17:00.919\n that like ETH has coiled up for quite a long time.\n\n460\n00:17:00.919 --> 00:17:02.120\n Right, yeah.\n\n461\n00:17:02.120 --> 00:17:03.759\n I mean, it sounds possible to me.\n\n462\n00:17:03.759 --> 00:17:05.279\n All of this sounds possible to me.\n\n463\n00:17:05.279 --> 00:17:06.839\n And the one thing I like about Tom Lee,\n\n464\n00:17:06.839 --> 00:17:09.920\n well, one of the many things I like about Tom Sir Tom Lee\n\n465\n00:17:09.920 --> 00:17:11.519\n is that he is backing this up.\n\n466\n00:17:11.519 --> 00:17:15.359\n He's putting his money where his TA is, I guess,\n\n467\n00:17:15.359 --> 00:17:16.799\n or where his price predictions are.\n\n468\n00:17:16.799 --> 00:17:18.960\n And he's buying astronomical amounts to me.\n\n469\n00:17:18.960 --> 00:17:21.200\n And he looks his finger, sticks it in the air,\n\n470\n00:17:21.200 --> 00:17:24.319\n and says $62,000, but in that,\n\n471\n00:17:24.319 --> 00:17:26.039\n oh, by the way, there's a rumor going around\n\n472\n00:17:26.039 --> 00:17:28.519\n while you're out, the Tom Lee's gonna be on Joe Rogan.\n\n473\n00:17:28.519 --> 00:17:31.079\n Yeah, I came back, it's Joe Rogan.\n\n474\n00:17:31.079 --> 00:17:31.919\n Just a rumor.\n\n475\n00:17:31.919 --> 00:17:32.919\n Just a rumor.\n\n476\n00:17:34.119 --> 00:17:36.279\n I can't even, that would actually be material.\n\n477\n00:17:36.279 --> 00:17:38.519\n I can't even predict what that conversation would be like.\n\n478\n00:17:38.519 --> 00:17:41.000\n Tom Lee and Joe Rogan, it's like just like,\n\n479\n00:17:41.000 --> 00:17:42.599\n it just doesn't seem to fit.\n\n480\n00:17:42.599 --> 00:17:44.159\n But I guess we should play a drinking game\n\n481\n00:17:44.159 --> 00:17:46.919\n for how many times Tom Lee says ETH on.\n\n482\n00:17:46.919 --> 00:17:48.599\n First big coin.\n\n483\n00:17:48.599 --> 00:17:51.599\n No, I think he says ETH probably 200 times.\n\n484\n00:17:51.599 --> 00:17:52.439\n Oh my God.\n\n485\n00:17:52.439 --> 00:17:53.279\n On the show.\n\n486\n00:17:54.119 --> 00:17:57.079\n That would be very bullish, but then I could see 62K.\n\n487\n00:17:57.079 --> 00:17:59.720\n That's in the cards.\n\n488\n00:17:59.720 --> 00:18:01.759\n Ratio, how are we doing on the week?\n\n489\n00:18:01.759 --> 00:18:05.879\n Below 0.04, which is at 0.03928,\n\n490\n00:18:05.879 --> 00:18:08.519\n ETH is just retraced a little bit, but down a little bit.\n\n491\n00:18:08.519 --> 00:18:10.960\n And then we are below a trillion total crypto market,\n\n492\n00:18:10.960 --> 00:18:14.920\n have 3.87, David, you must have noticed too\n\n493\n00:18:14.920 --> 00:18:16.079\n while you were out coming back.\n\n494\n00:18:16.079 --> 00:18:18.480\n Gold has hit an all-time high.\n\n495\n00:18:18.480 --> 00:18:19.319\n It is doing well.\n\n496\n00:18:19.319 --> 00:18:22.639\n This is such a kind of scary to me when gold goes\n\n497\n00:18:22.640 --> 00:18:23.560\n in parabola mode.\n\n498\n00:18:23.560 --> 00:18:25.680\n I'm like, yeah, that's scary.\n\n499\n00:18:25.680 --> 00:18:26.520\n Yeah.\n\n500\n00:18:26.520 --> 00:18:27.360\n What's the most?\n\n501\n00:18:27.360 --> 00:18:28.200\n What's it it's doing?\n\n502\n00:18:28.200 --> 00:18:29.200\n I mean, it's a kind of store value asset.\n\n503\n00:18:29.200 --> 00:18:31.360\n This is the Ray Dalio thing.\n\n504\n00:18:31.360 --> 00:18:33.960\n This is Bolognes take, which is somewhat interesting.\n\n505\n00:18:33.960 --> 00:18:38.800\n It's basically gold is now the store value for central banks,\n\n506\n00:18:38.800 --> 00:18:41.440\n whereas digital assets crypto is the store value\n\n507\n00:18:41.440 --> 00:18:43.400\n for individuals.\n\n508\n00:18:43.400 --> 00:18:45.960\n And so basically what you're seeing is central banks\n\n509\n00:18:45.960 --> 00:18:49.320\n are stacking and buying and accumulating gold\n\n510\n00:18:49.320 --> 00:18:51.960\n and individuals are using crypto assets.\n\n511\n00:18:51.960 --> 00:18:53.680\n Primarily is their store value.\n\n512\n00:18:53.680 --> 00:18:55.279\n Totally checks out.\n\n513\n00:18:55.279 --> 00:18:57.440\n Which central banks is buying all of this gold?\n\n514\n00:18:57.440 --> 00:18:59.200\n Who's moving the gold price?\n\n515\n00:18:59.200 --> 00:19:00.039\n Time of them.\n\n516\n00:19:00.039 --> 00:19:01.160\n I'm China, Russia of them.\n\n517\n00:19:01.160 --> 00:19:02.000\n Yeah.\n\n518\n00:19:02.000 --> 00:19:04.000\n A lot of this has happened post the,\n\n519\n00:19:04.000 --> 00:19:05.000\n the tankings.\n\n520\n00:19:05.000 --> 00:19:06.079\n Freezing of Russian banks.\n\n521\n00:19:06.079 --> 00:19:06.960\n Yep, yep.\n\n522\n00:19:06.960 --> 00:19:09.920\n And so this is what you get, gold all-time highs.\n\n523\n00:19:09.920 --> 00:19:10.720\n All right, then.\n\n524\n00:19:10.720 --> 00:19:12.759\n David, let's talk a little bit about the treasuries.\n\n525\n00:19:12.759 --> 00:19:15.720\n I just want to recap the last like 30 to 90 days\n\n526\n00:19:15.720 --> 00:19:17.840\n of Ethereum in particular,\n\n527\n00:19:17.840 --> 00:19:19.960\n because it's had an incredible 90 days\n\n528\n00:19:19.960 --> 00:19:23.319\n with respect to its institutional accumulation story here.\n\n529\n00:19:23.319 --> 00:19:26.480\n This is a chart of ETF flows.\n\n530\n00:19:26.480 --> 00:19:28.279\n Blue is Ethereum.\n\n531\n00:19:28.279 --> 00:19:29.120\n Look at this.\n\n532\n00:19:29.120 --> 00:19:30.240\n That's a lot of blue.\n\n533\n00:19:30.240 --> 00:19:31.920\n June, July, August.\n\n534\n00:19:31.920 --> 00:19:33.400\n Look, August, it's all blue.\n\n535\n00:19:33.400 --> 00:19:36.759\n Oh, it's like 90% blue in August.\n\n536\n00:19:36.759 --> 00:19:38.840\n These are net inflows, I should say.\n\n537\n00:19:38.840 --> 00:19:41.480\n And ETH has just led.\n\n538\n00:19:41.480 --> 00:19:44.440\n It has dominated for the past three months,\n\n539\n00:19:44.440 --> 00:19:47.440\n and even into the past summer, for the summer, yeah.\n\n540\n00:19:47.480 --> 00:19:50.880\n This is Crypto Treasury companies, purchases by assets.\n\n541\n00:19:52.039 --> 00:19:53.039\n Bitcoin, of course, of course.\n\n542\n00:19:53.039 --> 00:19:53.880\n That is.\n\n543\n00:19:53.880 --> 00:19:55.480\n Ethan Ryan, I give you permission\n\n544\n00:19:55.480 --> 00:19:57.120\n to use the F-word right here.\n\n545\n00:19:57.120 --> 00:19:57.960\n Right?\n\n546\n00:19:57.960 --> 00:19:58.799\n Yeah.\n\n547\n00:19:58.799 --> 00:20:00.120\n It's fantastic, isn't it?\n\n548\n00:20:00.120 --> 00:20:00.960\n Oh.\n\n549\n00:20:02.240 --> 00:20:05.720\n It's, yeah, it's incredible, like from June,\n\n550\n00:20:05.720 --> 00:20:06.559\n or Bitcoin.\n\n551\n00:20:06.559 --> 00:20:07.400\n I'm sorry, you're my dominant.\n\n552\n00:20:07.400 --> 00:20:08.720\n I know what you meant, I know what you meant.\n\n553\n00:20:08.720 --> 00:20:11.920\n July, ETH was still smaller, but August,\n\n554\n00:20:11.920 --> 00:20:13.759\n it's dominated in terms of treasuries.\n\n555\n00:20:13.759 --> 00:20:16.000\n It's not even close, there's no other colors.\n\n556\n00:20:16.000 --> 00:20:17.279\n Not even close.\n\n557\n00:20:17.279 --> 00:20:19.799\n This is a tweet from CryptoGucci.\n\n558\n00:20:19.799 --> 00:20:21.879\n Bitcoin is accumulating 20 times.\n\n559\n00:20:21.879 --> 00:20:22.879\n CryptoGucci.\n\n560\n00:20:22.879 --> 00:20:23.879\n Gucci.\n\n561\n00:20:23.879 --> 00:20:24.720\n What did I say?\n\n562\n00:20:24.720 --> 00:20:25.559\n Gucci.\n\n563\n00:20:25.559 --> 00:20:27.559\n Yeah, 20 times whatever.\n\n564\n00:20:27.559 --> 00:20:30.319\n 20 times faster than MicroStrategy ever did.\n\n565\n00:20:30.319 --> 00:20:32.960\n So this is Bitcoin, this is, of course, certainly.\n\n566\n00:20:32.960 --> 00:20:35.920\n He is doing this much faster.\n\n567\n00:20:35.920 --> 00:20:38.519\n This is a log chart, a little bit deceptive here.\n\n568\n00:20:38.519 --> 00:20:39.519\n Yeah, a little bit, a little bit.\n\n569\n00:20:39.519 --> 00:20:42.359\n Until you realize it's a log chart, but it is a log chart.\n\n570\n00:20:42.359 --> 00:20:44.639\n And look at the Bitcoin line versus MicroStrategy.\n\n571\n00:20:44.640 --> 00:20:48.520\n Well, above 10% of MicroStrategy is still pretty large,\n\n572\n00:20:48.520 --> 00:20:50.880\n given how long Sailor has been buying Bitcoin.\n\n573\n00:20:50.880 --> 00:20:52.680\n Yeah, what's the way to say this?\n\n574\n00:20:52.680 --> 00:20:55.960\n Bitcoin has done what, like in 60 days,\n\n575\n00:20:55.960 --> 00:20:59.160\n what took MicroStrategy how many, like, four years to do?\n\n576\n00:20:59.160 --> 00:21:00.400\n Three or four years to do?\n\n577\n00:21:00.400 --> 00:21:01.960\n In terms of percentage supply.\n\n578\n00:21:01.960 --> 00:21:03.680\n Yeah, he's absolutely incredible.\n\n579\n00:21:03.680 --> 00:21:07.120\n Not only Tom Lee though, but Ether machine also bought\n\n580\n00:21:07.120 --> 00:21:12.120\n $654 million of ETH through a private transaction.\n\n581\n00:21:13.120 --> 00:21:14.960\n Yeah, so it brings in the total holdings\n\n582\n00:21:14.960 --> 00:21:18.920\n in nearly 500,000 ETHs, almost half a million ETHs.\n\n583\n00:21:18.920 --> 00:21:22.920\n As it prepares for a NASDAQ listing later this year,\n\n584\n00:21:22.920 --> 00:21:25.400\n so yeah, Ether machine not yet actually being traded,\n\n585\n00:21:25.400 --> 00:21:26.680\n which is kind of interesting.\n\n586\n00:21:26.680 --> 00:21:29.240\n And then also you know who bought ETHs a bunch of ETHs this year?\n\n587\n00:21:29.240 --> 00:21:30.080\n Or just recently?\n\n588\n00:21:30.080 --> 00:21:30.920\n Yeah, who?\n\n589\n00:21:30.920 --> 00:21:31.760\n Jack Ma.\n\n590\n00:21:31.760 --> 00:21:33.680\n Jack Ma, the guy from Alibaba.\n\n591\n00:21:33.680 --> 00:21:36.680\n Well, not technically Jack Ma, but a,\n\n592\n00:21:36.680 --> 00:21:39.880\n there's like a series of events between this,\n\n593\n00:21:39.880 --> 00:21:41.240\n like one Chinese financial group.\n\n594\n00:21:41.319 --> 00:21:42.880\n Jack Ma owns 30% of it.\n\n595\n00:21:42.880 --> 00:21:46.240\n He founded the thing that the current thing bought, whatever.\n\n596\n00:21:46.240 --> 00:21:49.599\n Young Feng Financial Group bought $10,000 ETH for $400\n\n597\n00:21:49.599 --> 00:21:53.359\n for $44 million to just put it in his corporate strategy.\n\n598\n00:21:53.359 --> 00:21:55.200\n Yeah, this is a Hong Kong finance company.\n\n599\n00:21:55.200 --> 00:21:56.680\n And the reason that they said they bought it\n\n600\n00:21:56.680 --> 00:21:59.440\n is as a strategic reserve asset,\n\n601\n00:21:59.440 --> 00:22:02.039\n which is obviously narrative violation there.\n\n602\n00:22:02.039 --> 00:22:04.759\n And then it jumps by 10% after the announcement,\n\n603\n00:22:04.759 --> 00:22:07.000\n which means they have more capital.\n\n604\n00:22:07.000 --> 00:22:09.720\n Yeah, one thing, David, as we kind of zoom out,\n\n605\n00:22:09.720 --> 00:22:12.039\n we look at the strategic ETHs, here,\n\n606\n00:22:12.039 --> 00:22:14.720\n all of the ETHs, we see BitMind, the scoreboard,\n\n607\n00:22:14.720 --> 00:22:16.720\n is BitMind clearly in the lead,\n\n608\n00:22:16.720 --> 00:22:19.319\n 1.87 million, sharp link gaming,\n\n609\n00:22:19.319 --> 00:22:23.640\n 837,000 ETH, the Ether machine under that,\n\n610\n00:22:23.640 --> 00:22:25.160\n just under 500,000 ETH.\n\n611\n00:22:25.160 --> 00:22:28.160\n So three horses in the top here\n\n612\n00:22:28.160 --> 00:22:29.839\n that are still kind of competing.\n\n613\n00:22:29.839 --> 00:22:31.720\n One thing I should draw your attention to though,\n\n614\n00:22:31.720 --> 00:22:35.480\n is this column right here, the MNAV column, okay?\n\n615\n00:22:35.480 --> 00:22:39.319\n So BitMind right now, 1.05,\n\n616\n00:22:39.319 --> 00:22:41.119\n lowest I've seen it on the week.\n\n617\n00:22:41.119 --> 00:22:45.399\n Sharp link gaming is under 1, at this point in time.\n\n618\n00:22:45.399 --> 00:22:49.079\n And there's some dispute as to whether it's actually under 1,\n\n619\n00:22:49.079 --> 00:22:51.079\n it depends on who's measuring how it's-\n\n620\n00:22:51.079 --> 00:22:52.119\n Because we don't know how many shares\n\n621\n00:22:52.119 --> 00:22:54.240\n equities have on this stock market,\n\n622\n00:22:54.240 --> 00:22:57.039\n which is an insane thing to not know.\n\n623\n00:22:57.039 --> 00:22:58.759\n Yeah, but the whole stock market,\n\n624\n00:22:58.759 --> 00:23:00.439\n you don't know how many shares there are.\n\n625\n00:23:00.439 --> 00:23:01.439\n It's hard.\n\n626\n00:23:01.439 --> 00:23:04.240\n I mean, so we've got different dashboards claiming different things.\n\n627\n00:23:04.240 --> 00:23:05.559\n And they're all pretty close.\n\n628\n00:23:05.559 --> 00:23:08.240\n This is actually the official sharp link dashboard\n\n629\n00:23:08.240 --> 00:23:09.079\n that they published.\n\n630\n00:23:09.079 --> 00:23:10.680\n This might not even be accurate.\n\n631\n00:23:10.680 --> 00:23:13.960\n But this is an MNAV of 0.84.\n\n632\n00:23:13.960 --> 00:23:14.799\n Okay?\n\n633\n00:23:14.799 --> 00:23:17.559\n So there's that, there's the strategic ETH reserve\n\n634\n00:23:17.559 --> 00:23:20.480\n is 0.87 blockworks with somewhere around there as well.\n\n635\n00:23:20.480 --> 00:23:23.680\n So different dashboards are giving you different numbers.\n\n636\n00:23:23.680 --> 00:23:24.519\n Here's another one.\n\n637\n00:23:24.519 --> 00:23:25.960\n That is a crazy.\n\n638\n00:23:25.960 --> 00:23:28.200\n It looks like it may be one, it might be one\n\n639\n00:23:28.200 --> 00:23:31.440\n or it might be under one at this point in time.\n\n640\n00:23:31.440 --> 00:23:33.160\n So what's your take on that?\n\n641\n00:23:33.160 --> 00:23:36.160\n I guess one thing it means is the ATMs,\n\n642\n00:23:36.160 --> 00:23:38.960\n the AT the market purchases where these treasury companies\n\n643\n00:23:38.960 --> 00:23:40.759\n can basically dilute their shares\n\n644\n00:23:40.759 --> 00:23:42.440\n in order to buy more ETH.\n\n645\n00:23:42.440 --> 00:23:44.040\n They're not going to be able to do this anymore\n\n646\n00:23:44.040 --> 00:23:46.880\n with MNAV at one or below one.\n\n647\n00:23:46.880 --> 00:23:49.000\n So that's an obvious takeaway.\n\n648\n00:23:49.000 --> 00:23:50.759\n Some of that buying has to stop.\n\n649\n00:23:50.759 --> 00:23:52.680\n But what do you think about these treasury vehicles?\n\n650\n00:23:52.680 --> 00:23:54.320\n Like, are you worried about this?\n\n651\n00:23:54.320 --> 00:23:56.560\n Do you think that this is a buy?\n\n652\n00:23:56.560 --> 00:23:58.320\n I think we need more data really just\n\n653\n00:23:58.320 --> 00:23:59.400\n with the ETH treasury companies\n\n654\n00:23:59.400 --> 00:24:00.800\n because it's still such a new phenomenon.\n\n655\n00:24:00.800 --> 00:24:02.560\n But my current understanding of MNAV\n\n656\n00:24:02.560 --> 00:24:04.640\n is it's kind of an oscillator\n\n657\n00:24:04.640 --> 00:24:07.560\n in the sense that it will oscillate above\n\n658\n00:24:07.560 --> 00:24:11.280\n and I guess also now below one.\n\n659\n00:24:11.280 --> 00:24:14.920\n And it'll oscillate around kind of like retail sentiment,\n\n660\n00:24:14.920 --> 00:24:17.600\n retail froth around ETH through the asset.\n\n661\n00:24:17.600 --> 00:24:20.160\n And so one potential path forward\n\n662\n00:24:20.160 --> 00:24:22.000\n is like maybe we do this whole\n\n663\n00:24:22.000 --> 00:24:24.240\n down-tember October thing.\n\n664\n00:24:24.240 --> 00:24:26.520\n Maybe MNAVs even go way lower.\n\n665\n00:24:26.520 --> 00:24:28.240\n Maybe they go to 0.8 or something\n\n666\n00:24:28.240 --> 00:24:29.640\n and everyone gets wrecked.\n\n667\n00:24:29.640 --> 00:24:31.759\n But then ETH goes into price discovery\n\n668\n00:24:31.759 --> 00:24:36.720\n and MNAVs go back up to 1.2, 1.5, maybe even two.\n\n669\n00:24:36.720 --> 00:24:38.559\n And it just oscillates back up\n\n670\n00:24:38.559 --> 00:24:40.920\n and it's kind of just like a,\n\n671\n00:24:40.920 --> 00:24:42.160\n it just overshoot sentiment.\n\n672\n00:24:42.160 --> 00:24:44.440\n It's a sentiment checker on steroids.\n\n673\n00:24:44.440 --> 00:24:46.640\n And so if retail is bullish ETH,\n\n674\n00:24:46.640 --> 00:24:49.279\n then MNAVs go to two\n\n675\n00:24:49.279 --> 00:24:51.599\n and then all of a sudden more ETH goes on the balance sheet.\n\n676\n00:24:51.599 --> 00:24:53.799\n And right now we're just in a depressed state.\n\n677\n00:24:53.799 --> 00:24:55.839\n There was a lot of froth like last month\n\n678\n00:24:55.839 --> 00:24:58.200\n and now everyone's like, okay, let's check\n\n679\n00:24:58.200 --> 00:24:59.920\n if we're all still good here.\n\n680\n00:24:59.920 --> 00:25:02.720\n And let's let the tide go out a little bit.\n\n681\n00:25:02.720 --> 00:25:03.800\n Everyone's still wearing shorts.\n\n682\n00:25:03.800 --> 00:25:04.640\n Okay, we're good.\n\n683\n00:25:04.640 --> 00:25:06.400\n All right, let's send it back up.\n\n684\n00:25:06.400 --> 00:25:08.200\n And I kind of feel like that's where we are.\n\n685\n00:25:08.200 --> 00:25:09.160\n Well, if that's the case,\n\n686\n00:25:09.160 --> 00:25:10.000\n if you write about that,\n\n687\n00:25:10.000 --> 00:25:12.120\n then it does seem like some of these treasury companies\n\n688\n00:25:12.120 --> 00:25:14.440\n below one could be a big buying opportunity.\n\n689\n00:25:14.440 --> 00:25:15.279\n I would say yes.\n\n690\n00:25:15.279 --> 00:25:17.960\n And I spoke to Joseph Shalom from BlackRock last year.\n\n691\n00:25:17.960 --> 00:25:19.120\n I don't know if you guys really get episode.\n\n692\n00:25:19.120 --> 00:25:20.120\n You caught up with that?\n\n693\n00:25:20.120 --> 00:25:22.039\n These guys are long-term oriented.\n\n694\n00:25:22.039 --> 00:25:24.120\n Joseph Lubin, he's been holding ETH forever, right?\n\n695\n00:25:24.120 --> 00:25:26.640\n And yeah, the two bald Joe's, man,\n\n696\n00:25:26.640 --> 00:25:28.120\n they're gonna get us there.\n\n697\n00:25:28.160 --> 00:25:29.080\n Another thing that's happening\n\n698\n00:25:29.080 --> 00:25:30.380\n with ETH treasury companies,\n\n699\n00:25:30.380 --> 00:25:32.840\n ETH Zilla, where I think that's number four,\n\n700\n00:25:32.840 --> 00:25:34.640\n think the largest ETH treasury company,\n\n701\n00:25:34.640 --> 00:25:37.160\n they are deploying 100 million into DeFi.\n\n702\n00:25:37.160 --> 00:25:39.240\n They're putting it into ETHERFI.\n\n703\n00:25:39.240 --> 00:25:41.160\n The reason why Ethereum is so cool is\n\n704\n00:25:41.160 --> 00:25:43.320\n because you can buy the asset\n\n705\n00:25:43.320 --> 00:25:45.880\n and you can recirculate it into the economy\n\n706\n00:25:45.880 --> 00:25:47.520\n that supports the asset.\n\n707\n00:25:47.520 --> 00:25:50.480\n ETHERFI's got 11 billion, TVL.\n\n708\n00:25:50.480 --> 00:25:53.960\n It's what is the largest re-staker.\n\n709\n00:25:53.960 --> 00:25:56.480\n And I just love the fact that we can actually\n\n710\n00:25:56.480 --> 00:25:57.599\n repurpose our capital.\n\n711\n00:25:57.599 --> 00:26:00.000\n That's why ETHER is so excellent as an asset\n\n712\n00:26:00.000 --> 00:26:01.720\n is the capital efficiency.\n\n713\n00:26:01.720 --> 00:26:04.519\n You can buy it and then you can do things with it\n\n714\n00:26:04.519 --> 00:26:05.360\n to get more yield.\n\n715\n00:26:05.360 --> 00:26:06.440\n Why are they putting it into ETHERFI?\n\n716\n00:26:06.440 --> 00:26:08.160\n Because ETHERFI gives you some of the best yield\n\n717\n00:26:08.160 --> 00:26:10.079\n on your ETH.\n\n718\n00:26:10.079 --> 00:26:11.759\n And yeah, so that's pretty cool.\n\n719\n00:26:11.759 --> 00:26:12.960\n That makes sense to me.\n\n720\n00:26:12.960 --> 00:26:15.799\n In addition to that speaking of ETHERFI,\n\n721\n00:26:15.799 --> 00:26:17.480\n they're kind of having a moment right now.\n\n722\n00:26:17.480 --> 00:26:19.000\n So ETHERFI also has a credit card.\n\n723\n00:26:19.000 --> 00:26:20.319\n So you can deposit ETH into,\n\n724\n00:26:20.319 --> 00:26:22.360\n or like, say, blows into your ETHERFI ball.\n\n725\n00:26:22.360 --> 00:26:24.480\n It gets yield kind of similar to like urine\n\n726\n00:26:24.480 --> 00:26:26.039\n back in the day if you remember.\n\n727\n00:26:26.079 --> 00:26:27.799\n But then you can swipe your ETHERFI credit card\n\n728\n00:26:27.799 --> 00:26:31.399\n and it spends the money straight out of your accounts on chain.\n\n729\n00:26:31.399 --> 00:26:32.399\n So that's pretty sick.\n\n730\n00:26:32.399 --> 00:26:34.039\n So you're bypassing a bank altogether.\n\n731\n00:26:34.039 --> 00:26:35.240\n Bypassing a bank, yep.\n\n732\n00:26:35.240 --> 00:26:37.440\n It goes, it's just straight noncosodial on chain.\n\n733\n00:26:37.440 --> 00:26:38.440\n Pretty sick.\n\n734\n00:26:38.440 --> 00:26:40.559\n Apparently Brazilians figured this out.\n\n735\n00:26:40.559 --> 00:26:43.639\n And Brazilians signups for ETHERFI credit card\n\n736\n00:26:43.639 --> 00:26:45.440\n is just like up and to the right.\n\n737\n00:26:45.440 --> 00:26:48.599\n And this is basically like just a huge revenue stream\n\n738\n00:26:48.599 --> 00:26:49.920\n for ETHERFI.\n\n739\n00:26:49.920 --> 00:26:51.960\n So congrats to the ETHERFI team on the success.\n\n740\n00:26:51.960 --> 00:26:53.960\n Like seeing actual adoption of their product\n\n741\n00:26:53.960 --> 00:26:57.480\n plus deposits from ETHERFI companies is pretty cool.\n\n742\n00:26:57.480 --> 00:27:00.039\n Well, all these ETHERFI companies are looking for yield.\n\n743\n00:27:00.039 --> 00:27:02.840\n It's hard not to think this is going to cause a DeFi\n\n744\n00:27:02.840 --> 00:27:04.799\n and Ethereum DeFi echo boom\n\n745\n00:27:04.799 --> 00:27:07.519\n as some of these large treasuries go and look for yield.\n\n746\n00:27:07.519 --> 00:27:11.000\n On that, Lido, David, I don't know if you notice this Lido,\n\n747\n00:27:11.000 --> 00:27:13.240\n they launched a new Earn product this week,\n\n748\n00:27:13.240 --> 00:27:14.360\n which is kind of cool.\n\n749\n00:27:14.360 --> 00:27:16.720\n So this is them kind of going up market.\n\n750\n00:27:16.720 --> 00:27:20.960\n And it's basically blue chip Earn potential for your ETH.\n\n751\n00:27:20.960 --> 00:27:24.039\n So this like thing is called Lido DVV.\n\n752\n00:27:24.039 --> 00:27:28.759\n And it gives you 4.5% APR on your ETH.\n\n753\n00:27:28.759 --> 00:27:31.440\n And it kind of distributes it to blue chip DeFi, essentially.\n\n754\n00:27:31.440 --> 00:27:33.400\n So with one click button, you can get that yield.\n\n755\n00:27:33.400 --> 00:27:36.160\n So I think blue chip ETHERFI is going to be a big thing\n\n756\n00:27:36.160 --> 00:27:37.840\n to what be yield, yield, yield.\n\n757\n00:27:37.840 --> 00:27:38.680\n Yeah.\n\n758\n00:27:38.680 --> 00:27:40.200\n Something that's also happening strategy.\n\n759\n00:27:40.200 --> 00:27:42.360\n I'm going to put my eyes on strategy right now.\n\n760\n00:27:42.360 --> 00:27:45.519\n Looking at a potential inclusion into the S&P 500,\n\n761\n00:27:45.519 --> 00:27:47.840\n which is the end case.\n\n762\n00:27:47.840 --> 00:27:48.840\n That's free money.\n\n763\n00:27:48.840 --> 00:27:50.600\n That's for all treasury companies.\n\n764\n00:27:50.600 --> 00:27:53.880\n If you get into the S&P 500, you just\n\n765\n00:27:53.880 --> 00:27:56.440\n have the permanent, infinite bid.\n\n766\n00:27:56.440 --> 00:27:59.480\n If you're a hardcore Bitcoiner, which I definitely\n\n767\n00:27:59.480 --> 00:28:01.040\n appreciate these perspectives at times,\n\n768\n00:28:01.040 --> 00:28:03.120\n you kind of understand MicroStrategy is like an attack\n\n769\n00:28:03.120 --> 00:28:05.840\n on the United States dollar, just short the dollar\n\n770\n00:28:05.840 --> 00:28:08.440\n as much as possible, long Bitcoin as much as possible.\n\n771\n00:28:08.440 --> 00:28:10.520\n And if you get into the S&P 500,\n\n772\n00:28:10.520 --> 00:28:14.440\n you get a free flow of capital to continue showing the dollar.\n\n773\n00:28:14.440 --> 00:28:16.160\n It's just all that passive yield.\n\n774\n00:28:16.160 --> 00:28:18.320\n I don't know if you can capture it in 401K,\n\n775\n00:28:18.319 --> 00:28:20.439\n because you're in all of the funds.\n\n776\n00:28:20.439 --> 00:28:23.039\n Some people have to buy MicroStrategy.\n\n777\n00:28:23.039 --> 00:28:24.639\n And what does Michael Saylor do?\n\n778\n00:28:24.639 --> 00:28:27.279\n He translates the value of the MSCR stock\n\n779\n00:28:27.279 --> 00:28:28.799\n into Bitcoin on the balance sheet.\n\n780\n00:28:28.799 --> 00:28:32.439\n And if you're in the S&P 500, you just have free flows\n\n781\n00:28:32.439 --> 00:28:35.519\n to constantly reload your ammo to buy more Bitcoin.\n\n782\n00:28:35.519 --> 00:28:36.039\n Yeah.\n\n783\n00:28:36.039 --> 00:28:37.240\n This is the end game for all treasuries.\n\n784\n00:28:37.240 --> 00:28:39.119\n MicroStrategy is almost there.\n\n785\n00:28:39.119 --> 00:28:40.519\n And East Treasurer could get there someday.\n\n786\n00:28:40.519 --> 00:28:42.879\n I mean, before you get to S&P, you get to like wrestle,\n\n787\n00:28:42.879 --> 00:28:45.559\n which is another index of like what is, I don't know,\n\n788\n00:28:45.559 --> 00:28:46.759\n thousands of companies.\n\n789\n00:28:46.799 --> 00:28:48.440\n So they're all trying to get into these indices.\n\n790\n00:28:48.440 --> 00:28:50.799\n That's why it's a power law winning game as well.\n\n791\n00:28:50.799 --> 00:28:53.079\n David, the NASDAQ looks like it's tightening.\n\n792\n00:28:53.079 --> 00:28:56.000\n Some of it's disclosure requirements for DATS though.\n\n793\n00:28:56.879 --> 00:28:58.079\n I think they are very aware\n\n794\n00:28:58.079 --> 00:29:00.799\n that there is a DAT bubble happening.\n\n795\n00:29:00.799 --> 00:29:02.839\n There are quite a lot of DATS\n\n796\n00:29:02.839 --> 00:29:04.680\n and they're, we're going down the long tail\n\n797\n00:29:04.680 --> 00:29:06.599\n of the shitty assets in crypto.\n\n798\n00:29:06.599 --> 00:29:07.879\n And they're getting DATS.\n\n799\n00:29:07.879 --> 00:29:09.879\n Like story protocol is getting a DAT.\n\n800\n00:29:09.879 --> 00:29:10.720\n Yeah.\n\n801\n00:29:10.720 --> 00:29:11.640\n So the headline reads,\n\n802\n00:29:11.640 --> 00:29:13.839\n the NASDAQ is tightening scrutiny of companies\n\n803\n00:29:13.840 --> 00:29:15.920\n raising cash to buy crypto.\n\n804\n00:29:15.920 --> 00:29:18.440\n They are beginning to require shareholder votes\n\n805\n00:29:18.440 --> 00:29:22.160\n for some deals and pushing for more disclosures.\n\n806\n00:29:22.160 --> 00:29:25.000\n They may also suspend trading or delist firms\n\n807\n00:29:25.000 --> 00:29:28.160\n that fail to comply according to anonymous insiders\n\n808\n00:29:28.160 --> 00:29:30.400\n mentioned by the publication.\n\n809\n00:29:30.400 --> 00:29:31.920\n And so actually following the news,\n\n810\n00:29:31.920 --> 00:29:34.200\n share prices of several DATS actually fell.\n\n811\n00:29:34.200 --> 00:29:36.640\n So I think you probably hone in these assets\n\n812\n00:29:36.640 --> 00:29:38.720\n like know that there was probably some shenanigans going on.\n\n813\n00:29:38.720 --> 00:29:40.560\n And I am just perfectly okay with this.\n\n814\n00:29:40.560 --> 00:29:42.160\n More disclosures good.\n\n815\n00:29:42.160 --> 00:29:43.000\n Thanks.\n\n816\n00:29:43.000 --> 00:29:43.839\n We got next David,\n\n817\n00:29:43.839 --> 00:29:45.319\n we got to talk about world liberty finance.\n\n818\n00:29:45.319 --> 00:29:46.839\n It's a token just started trading\n\n819\n00:29:46.839 --> 00:29:49.200\n and the Trump's crypto wealth.\n\n820\n00:29:49.200 --> 00:29:52.000\n They are now like crypto mega billionaires.\n\n821\n00:29:52.000 --> 00:29:53.720\n And stacking quite a hurry to talk about that.\n\n822\n00:29:53.720 --> 00:29:56.039\n Also maybe this caused Gavin Newsom\n\n823\n00:29:56.039 --> 00:29:58.039\n to want to launch a meme coin.\n\n824\n00:29:58.039 --> 00:29:59.319\n All right, he actually said this.\n\n825\n00:29:59.319 --> 00:30:00.160\n No, thank you.\n\n826\n00:30:00.160 --> 00:30:02.720\n I think he's going to do it regardless of what we said.\n\n827\n00:30:02.720 --> 00:30:04.240\n We're going to cover all that more.\n\n828\n00:30:04.240 --> 00:30:05.720\n But before we do got to think the sponsors\n\n829\n00:30:05.720 --> 00:30:08.000\n that made this possible including Uniswap,\n\n830\n00:30:08.000 --> 00:30:09.559\n browser wallet, mobile wallet,\n\n831\n00:30:09.559 --> 00:30:12.279\n the best place to do DeFi including the Unichain.\n\n832\n00:30:13.000 --> 00:30:15.599\n Theorem's layer two universe is exploding with choices.\n\n833\n00:30:15.599 --> 00:30:17.359\n But if you're looking for the best place to park\n\n834\n00:30:17.359 --> 00:30:19.879\n and move your tokens, make your next stop Unichain.\n\n835\n00:30:19.879 --> 00:30:20.799\n First, liquidity.\n\n836\n00:30:20.799 --> 00:30:23.639\n Unichain hosts the most liquid Uniswap V4 deployment\n\n837\n00:30:23.639 --> 00:30:24.559\n on any layer two,\n\n838\n00:30:24.559 --> 00:30:27.879\n giving you deeper pools for flagship pairs like each USDC.\n\n839\n00:30:27.879 --> 00:30:30.559\n More liquidity means better prices, less slippage,\n\n840\n00:30:30.559 --> 00:30:31.440\n and smoother swaps.\n\n841\n00:30:31.440 --> 00:30:32.799\n Exactly what traders crave.\n\n842\n00:30:32.799 --> 00:30:33.599\n The numbers back it up.\n\n843\n00:30:33.599 --> 00:30:36.559\n Unichain leads all layer twos in total value locked\n\n844\n00:30:36.559 --> 00:30:37.720\n for Uniswap V4.\n\n845\n00:30:37.720 --> 00:30:40.200\n And it's not just deep, it's fast and fully transparent.\n\n846\n00:30:40.200 --> 00:30:42.080\n The purpose is built to be the home base for DeFi\n\n847\n00:30:42.080 --> 00:30:43.240\n and cross-chain liquidity.\n\n848\n00:30:43.240 --> 00:30:45.279\n When it comes to costs, Unichain is a no-brainer.\n\n849\n00:30:45.279 --> 00:30:48.240\n Transaction fees come in about 95% cheaper\n\n850\n00:30:48.240 --> 00:30:49.200\n than Ethereum mainnet,\n\n851\n00:30:49.200 --> 00:30:52.080\n slashing the price of creating or accessing liquidity.\n\n852\n00:30:52.080 --> 00:30:53.559\n Want to stay in the loop on Unichain?\n\n853\n00:30:53.559 --> 00:30:56.600\n Visit unichain.org or follow at Unichain on X\n\n854\n00:30:56.600 --> 00:30:57.440\n for all the updates.\n\n855\n00:30:57.440 --> 00:31:00.480\n DeGen started as a tight-knit community on Forecaster\n\n856\n00:31:00.480 --> 00:31:03.440\n and organically grew into one of the top meme coins on base.\n\n857\n00:31:03.440 --> 00:31:04.920\n What began as a simple idea,\n\n858\n00:31:04.920 --> 00:31:06.559\n tip anyone who joins the fun,\n\n859\n00:31:06.559 --> 00:31:08.920\n sparked an economy that turned into a movement.\n\n860\n00:31:08.920 --> 00:31:11.560\n The community runs the show from the logo and the lower\n\n861\n00:31:11.560 --> 00:31:13.880\n to funding and building ambitious ideas together.\n\n862\n00:31:13.880 --> 00:31:16.279\n Over one million DeGents now power each other\n\n863\n00:31:16.279 --> 00:31:18.519\n with their generosity, creativity, and ability\n\n864\n00:31:18.519 --> 00:31:19.880\n to get things done.\n\n865\n00:31:19.880 --> 00:31:21.720\n At the center is the DeGen token.\n\n866\n00:31:21.720 --> 00:31:23.560\n It rewards engagement, fuels tipping,\n\n867\n00:31:23.560 --> 00:31:25.880\n and drives the marketplace for builders and fans.\n\n868\n00:31:25.880 --> 00:31:28.200\n That same energy gave rise to DeGen Chain,\n\n869\n00:31:28.200 --> 00:31:30.720\n a fast, low-cost layer three for new projects.\n\n870\n00:31:30.720 --> 00:31:33.800\n And now the DeGen app, the easiest way to connect, earn,\n\n871\n00:31:33.800 --> 00:31:36.240\n and participate in decentralized social media\n\n872\n00:31:36.240 --> 00:31:38.440\n with a built-in wallet and real token utility.\n\n873\n00:31:38.440 --> 00:31:40.000\n And DeGen, the hat stays on.\n\n874\n00:31:40.000 --> 00:31:42.039\n Join DeGen and get on the app weight list\n\n875\n00:31:42.039 --> 00:31:44.840\n at www.deGen.tips.\n\n876\n00:31:44.840 --> 00:31:47.600\n The world-liberty financial token finally started trading.\n\n877\n00:31:47.600 --> 00:31:50.000\n It's officially listed on major exchanges\n\n878\n00:31:50.000 --> 00:31:51.920\n on both spot and perps on Monday,\n\n879\n00:31:51.920 --> 00:31:53.920\n started on September 1st.\n\n880\n00:31:53.920 --> 00:31:57.000\n There are a total supply of 100 billion tokens,\n\n881\n00:31:57.000 --> 00:32:00.039\n which makes some of these math pretty simple.\n\n882\n00:32:00.039 --> 00:32:03.080\n 24.6 billion tokens were unlocked.\n\n883\n00:32:03.080 --> 00:32:07.799\n So effectively, 25% float, not bad, not bad.\n\n884\n00:32:07.799 --> 00:32:11.039\n If you are in the pre-sale, 20% of your tokens\n\n885\n00:32:11.039 --> 00:32:13.680\n have unlocked, and so pre-sale investors have unlocked,\n\n886\n00:32:13.680 --> 00:32:16.119\n the remaining roughly 75% of the supply\n\n887\n00:32:16.119 --> 00:32:17.960\n will remain under investing schedules,\n\n888\n00:32:17.960 --> 00:32:20.480\n different investing schedules for depending on\n\n889\n00:32:20.480 --> 00:32:22.759\n what kind of tier you are in.\n\n890\n00:32:22.759 --> 00:32:26.200\n The first day of performance, the opening price was 30 cents,\n\n891\n00:32:26.200 --> 00:32:29.879\n which gives it a fully diluted valuation of $30 billion.\n\n892\n00:32:29.879 --> 00:32:33.200\n We are down to about 17, 18 cents.\n\n893\n00:32:33.200 --> 00:32:36.720\n So that's about $18 billion, fully diluted valuation,\n\n894\n00:32:36.720 --> 00:32:40.559\n a market cap of effectively almost $5 billion.\n\n895\n00:32:40.559 --> 00:32:44.480\n That puts world-liberty financial at number 39\n\n896\n00:32:44.480 --> 00:32:48.559\n in all crypto assets, which is pretty crazy.\n\n897\n00:32:48.559 --> 00:32:50.559\n Trump says, even though it's down,\n\n898\n00:32:50.559 --> 00:32:53.799\n this is just the beginning, so a long way to go.\n\n899\n00:32:53.799 --> 00:32:55.279\n We should do kind of a reminder\n\n900\n00:32:55.279 --> 00:32:57.960\n of what world-liberty finance actually is\n\n901\n00:32:57.960 --> 00:32:59.400\n and what they've launched.\n\n902\n00:32:59.400 --> 00:33:00.559\n Do we know?\n\n903\n00:33:00.559 --> 00:33:02.480\n They don't have a function yet.\n\n904\n00:33:02.480 --> 00:33:04.799\n Yeah, okay, so they do have some stuff.\n\n905\n00:33:04.799 --> 00:33:06.559\n Let's just go here for a second.\n\n906\n00:33:06.559 --> 00:33:07.399\n I'll pull it up.\n\n907\n00:33:07.399 --> 00:33:10.440\n Okay, so first of all, there's the USD one.\n\n908\n00:33:10.440 --> 00:33:11.399\n So they have a stable coin.\n\n909\n00:33:11.399 --> 00:33:12.240\n A stable coin, right?\n\n910\n00:33:12.240 --> 00:33:13.200\n Okay, it's not nothing.\n\n911\n00:33:13.200 --> 00:33:14.039\n I was looking at the charts.\n\n912\n00:33:14.039 --> 00:33:17.319\n It's actually $2 billion stable coin at this point in time.\n\n913\n00:33:17.319 --> 00:33:19.639\n Okay, so that's, that's launched, that's out there.\n\n914\n00:33:19.639 --> 00:33:20.639\n There is something here.\n\n915\n00:33:20.639 --> 00:33:21.480\n There's a stable coin.\n\n916\n00:33:21.480 --> 00:33:23.000\n It's a $2 billion stable coin.\n\n917\n00:33:23.000 --> 00:33:25.440\n So 19 providers there.\n\n918\n00:33:25.440 --> 00:33:27.759\n And then of course, you have the token.\n\n919\n00:33:27.759 --> 00:33:29.839\n The token is the product, all right?\n\n920\n00:33:29.839 --> 00:33:31.240\n So we've got two tokens.\n\n921\n00:33:31.279 --> 00:33:35.640\n World-liberty finance, the WLFI token, you can stake that.\n\n922\n00:33:35.640 --> 00:33:37.799\n If you, if you so choose, you could also buy it.\n\n923\n00:33:37.799 --> 00:33:38.640\n You can sell it.\n\n924\n00:33:38.640 --> 00:33:40.599\n What do you do, what happens if you stake it?\n\n925\n00:33:40.599 --> 00:33:41.960\n I don't know, who knows?\n\n926\n00:33:41.960 --> 00:33:43.680\n You can trade it.\n\n927\n00:33:43.680 --> 00:33:45.039\n Maybe you can't stake it.\n\n928\n00:33:45.039 --> 00:33:47.120\n Look, yeah, I guess delete that.\n\n929\n00:33:47.120 --> 00:33:48.039\n Maybe you can't stake it.\n\n930\n00:33:48.039 --> 00:33:49.359\n You can unlock it, you can trade it.\n\n931\n00:33:49.359 --> 00:33:51.559\n All right, and you can do governance.\n\n932\n00:33:51.559 --> 00:33:52.400\n There was a governance proposal.\n\n933\n00:33:52.400 --> 00:33:54.319\n You can do governance, that's great.\n\n934\n00:33:54.319 --> 00:33:55.839\n There was a governance proposal actually\n\n935\n00:33:55.839 --> 00:34:00.519\n to distribute the profits back to WLFI token holders.\n\n936\n00:34:00.519 --> 00:34:04.279\n So that's going to, well, this is the stuff that's TBD.\n\n937\n00:34:04.279 --> 00:34:06.440\n WLFI app soon.\n\n938\n00:34:06.440 --> 00:34:08.440\n And so there's going to be an app, and then there's\n\n939\n00:34:08.440 --> 00:34:09.239\n a landed borrow.\n\n940\n00:34:09.239 --> 00:34:11.599\n What I think this is going to be is basically AVE.\n\n941\n00:34:11.599 --> 00:34:16.079\n So you know how AVE had go, they have their stable coin,\n\n942\n00:34:16.079 --> 00:34:17.759\n they have borrowing and lending.\n\n943\n00:34:17.759 --> 00:34:20.400\n I think this is like world-liberty financial\n\n944\n00:34:20.400 --> 00:34:24.119\n America Trump branded AVE kind of wrapped\n\n945\n00:34:24.119 --> 00:34:27.119\n with a meme, WLFI meme token, basically.\n\n946\n00:34:27.119 --> 00:34:29.559\n Can we launch your website with a bunch of features\n\n947\n00:34:29.599 --> 00:34:32.440\n that I'll say soon on it and make a token?\n\n948\n00:34:32.440 --> 00:34:34.920\n No, you can't, because you're not Donald Trump, okay?\n\n949\n00:34:34.920 --> 00:34:38.880\n So, you know, it's hard to do if you don't have that.\n\n950\n00:34:38.880 --> 00:34:41.360\n Can I tell you what the first governance proposal is\n\n951\n00:34:41.360 --> 00:34:42.880\n on world-liberty financial?\n\n952\n00:34:42.880 --> 00:34:43.719\n Yeah.\n\n953\n00:34:43.719 --> 00:34:45.559\n You actually mentioned it, buybacks.\n\n954\n00:34:45.559 --> 00:34:48.320\n So they announced that they kicked off a governance proposal\n\n955\n00:34:48.320 --> 00:34:51.519\n where 100% of the fees earned by WLFI's\n\n956\n00:34:51.519 --> 00:34:52.360\n in the future.\n\n957\n00:34:52.360 --> 00:34:53.199\n In the future?\n\n958\n00:34:53.199 --> 00:34:54.039\n No, no fees now.\n\n959\n00:34:54.039 --> 00:34:54.880\n No, no, no, current, current.\n\n960\n00:34:54.880 --> 00:34:56.119\n The protocol owned liquidity.\n\n961\n00:34:56.119 --> 00:34:59.920\n So there is owned like ether and stables.\n\n962\n00:34:59.920 --> 00:35:00.759\n Oh, that's right.\n\n963\n00:35:00.759 --> 00:35:03.480\n They put that into, they collect fees on that\n\n964\n00:35:03.480 --> 00:35:05.440\n by like helping it into AMM or something.\n\n965\n00:35:05.440 --> 00:35:08.000\n They collect fees and those fees go back\n\n966\n00:35:08.000 --> 00:35:09.679\n to burning by the burn.\n\n967\n00:35:09.679 --> 00:35:11.000\n It's pretty home.\n\n968\n00:35:11.000 --> 00:35:12.519\n You don't want to show, you don't want to show\n\n969\n00:35:12.519 --> 00:35:13.920\n your revenue here, you know?\n\n970\n00:35:13.920 --> 00:35:16.799\n So you've got to imagine the revenue possibilities.\n\n971\n00:35:16.799 --> 00:35:19.359\n It's better, it's worth more as a meme coin.\n\n972\n00:35:19.359 --> 00:35:20.799\n Speaking of how much it's worth,\n\n973\n00:35:20.799 --> 00:35:24.119\n crypto is now the biggest portion of Trump's families,\n\n974\n00:35:24.119 --> 00:35:25.239\n paper net worth.\n\n975\n00:35:25.280 --> 00:35:27.360\n So big and real estate,\n\n976\n00:35:27.360 --> 00:35:29.480\n but all of their real estate holdings\n\n977\n00:35:29.480 --> 00:35:32.680\n were worth like $2.5 billion or something.\n\n978\n00:35:32.680 --> 00:35:34.360\n World Liberty Finance alone,\n\n979\n00:35:34.360 --> 00:35:37.040\n the one point was worth $5 billion.\n\n980\n00:35:37.040 --> 00:35:37.880\n And that's not to mention.\n\n981\n00:35:37.880 --> 00:35:39.880\n The trend lies ownership of world Liberty Finance.\n\n982\n00:35:39.880 --> 00:35:41.600\n Yes, and that's not to mention,\n\n983\n00:35:41.600 --> 00:35:44.320\n you know, Trump media and technology holdings,\n\n984\n00:35:44.320 --> 00:35:47.280\n they have 15K bitcoins, 1.6 billion.\n\n985\n00:35:47.280 --> 00:35:49.040\n They also partner with crypto.com\n\n986\n00:35:50.000 --> 00:35:51.640\n on the CRO type deal.\n\n987\n00:35:52.560 --> 00:35:54.280\n They have a holding company,\n\n988\n00:35:54.400 --> 00:35:56.440\n which is a crypto treasury vehicle.\n\n989\n00:35:56.440 --> 00:35:59.720\n The Trump's sons also this week,\n\n990\n00:35:59.720 --> 00:36:02.720\n they launched a Trump-backed Bitcoin company\n\n991\n00:36:02.720 --> 00:36:04.760\n called American Bitcoin.\n\n992\n00:36:04.760 --> 00:36:08.840\n This is a Bitcoin treasury and a Bitcoin mining company.\n\n993\n00:36:08.840 --> 00:36:10.000\n They have a chunk of that.\n\n994\n00:36:10.000 --> 00:36:11.600\n That's seven to eight billion\n\n995\n00:36:11.600 --> 00:36:13.080\n in terms of market cap right now.\n\n996\n00:36:13.080 --> 00:36:14.400\n I don't know how much they have.\n\n997\n00:36:14.400 --> 00:36:15.240\n They don't market cap, total.\n\n998\n00:36:15.240 --> 00:36:16.400\n But I think, I don't know,\n\n999\n00:36:16.400 --> 00:36:18.000\n I was reading maybe 30% of that.\n\n1000\n00:36:18.000 --> 00:36:20.560\n Look, dude, it's definitely,\n\n1001\n00:36:20.560 --> 00:36:22.640\n I don't think it's double digit billions,\n\n1002\n00:36:22.679 --> 00:36:25.480\n but like five, six, seven billion\n\n1003\n00:36:25.480 --> 00:36:28.239\n that Trump has just in crypto holdings at this point.\n\n1004\n00:36:28.239 --> 00:36:30.719\n And keep in mind, they are doing a fantastic job\n\n1005\n00:36:30.719 --> 00:36:33.440\n of monetizing the role of the president.\n\n1006\n00:36:33.440 --> 00:36:34.440\n Yeah, all of the things.\n\n1007\n00:36:34.440 --> 00:36:35.440\n No one's done it, though.\n\n1008\n00:36:35.440 --> 00:36:37.719\n Oh, last week, while you were out,\n\n1009\n00:36:37.719 --> 00:36:41.480\n a Trump junior became advisor for a polling market.\n\n1010\n00:36:41.480 --> 00:36:43.359\n Yeah, yeah, we've got that later in the agenda.\n\n1011\n00:36:43.359 --> 00:36:44.199\n We're gonna talk about that.\n\n1012\n00:36:44.199 --> 00:36:45.199\n It's like all of the things.\n\n1013\n00:36:45.199 --> 00:36:49.480\n So this has caused probably people like a Democrat,\n\n1014\n00:36:49.480 --> 00:36:51.719\n Gavin Newsom, who is like in a meme war\n\n1015\n00:36:51.719 --> 00:36:52.960\n with Trump right now,\n\n1016\n00:36:52.960 --> 00:36:54.880\n to talk about launching a meme coin.\n\n1017\n00:36:54.880 --> 00:36:56.360\n I'm gonna play this thing again.\n\n1018\n00:36:56.360 --> 00:36:57.719\n And if you want a real prediction,\n\n1019\n00:36:57.719 --> 00:37:00.880\n I know we talked about the Taylor Swift prediction.\n\n1020\n00:37:00.880 --> 00:37:02.039\n The real prediction is,\n\n1021\n00:37:02.039 --> 00:37:03.519\n we're about to put a meme coin out.\n\n1022\n00:37:03.519 --> 00:37:05.159\n And you know what, Donald Trump,\n\n1023\n00:37:05.159 --> 00:37:07.840\n we'll see how well your coin does versus our coin.\n\n1024\n00:37:07.840 --> 00:37:12.840\n I mean, we're just trying to tune up the heat\n\n1025\n00:37:13.920 --> 00:37:15.920\n and trying to tune people into the absurdity.\n\n1026\n00:37:15.920 --> 00:37:17.320\n Is it gonna be called Gavin Coin?\n\n1027\n00:37:17.320 --> 00:37:19.480\n No, it's, I think Trump corruption coin.\n\n1028\n00:37:19.480 --> 00:37:22.320\n Gavin, you're gonna lose, man.\n\n1029\n00:37:22.320 --> 00:37:23.720\n His heart's not in it, is it?\n\n1030\n00:37:24.920 --> 00:37:26.480\n You're going up against Trump.\n\n1031\n00:37:26.480 --> 00:37:29.039\n Gavin's a, he's not a bad meme,\n\n1032\n00:37:29.039 --> 00:37:30.440\n but he's going up against Trump.\n\n1033\n00:37:30.440 --> 00:37:32.120\n Like, you're gonna not gonna out meme that, man.\n\n1034\n00:37:32.120 --> 00:37:33.240\n What would be funny, though?\n\n1035\n00:37:33.240 --> 00:37:35.360\n Cause Trump launched his meme coin on Solana\n\n1036\n00:37:35.360 --> 00:37:37.640\n if Gavin launched his meme coin on Ethereum\n\n1037\n00:37:37.640 --> 00:37:39.480\n just for the sake of the meme.\n\n1038\n00:37:39.480 --> 00:37:41.800\n Just like put all the libs on Ethereum.\n\n1039\n00:37:41.800 --> 00:37:44.280\n Oh, God, I don't want the Trumpers on Solana.\n\n1040\n00:37:44.280 --> 00:37:47.360\n Those political wars to bleed over into crypto.\n\n1041\n00:37:47.360 --> 00:37:48.360\n I just, it's funny.\n\n1042\n00:37:48.360 --> 00:37:50.400\n I just don't think Gavin's heart isn't it.\n\n1043\n00:37:50.400 --> 00:37:52.560\n I don't know if he's actually gonna do it,\n\n1044\n00:37:52.560 --> 00:37:54.360\n but I think he just threw out that comment.\n\n1045\n00:37:54.360 --> 00:37:55.560\n He threw out that comment, you think?\n\n1046\n00:37:55.560 --> 00:37:57.720\n This is a Jake Trevinsky take, which I resonate with.\n\n1047\n00:37:57.720 --> 00:37:59.760\n World Liberty Financial will make it way harder\n\n1048\n00:37:59.760 --> 00:38:02.440\n to get market structure legislation done in the Senate\n\n1049\n00:38:02.440 --> 00:38:05.160\n where we need seven Democrats to vote, yes.\n\n1050\n00:38:05.160 --> 00:38:09.120\n And for whom a pro crypto vote will be politically challenging\n\n1051\n00:38:09.120 --> 00:38:11.200\n to put it mildly, no matter what the bill says\n\n1052\n00:38:11.200 --> 00:38:13.160\n about policy, happy fall.\n\n1053\n00:38:13.159 --> 00:38:16.599\n So we've always been the danger of politicizing\n\n1054\n00:38:16.599 --> 00:38:19.239\n and getting, putting crypto behind one political party.\n\n1055\n00:38:19.239 --> 00:38:21.239\n The stuff like this becomes more difficult.\n\n1056\n00:38:21.239 --> 00:38:22.079\n Yeah.\n\n1057\n00:38:22.079 --> 00:38:23.359\n So I think he's right about that.\n\n1058\n00:38:23.359 --> 00:38:25.519\n I don't know how this votes for clarity,\n\n1059\n00:38:25.519 --> 00:38:27.159\n but I'm a little bit worried about this.\n\n1060\n00:38:27.159 --> 00:38:30.319\n In better news, though, David, we have a clear,\n\n1061\n00:38:30.319 --> 00:38:35.319\n a possible clear path now for Spot Bitcoin and Spot Eath\n\n1062\n00:38:36.399 --> 00:38:40.639\n to be sold on the New York Stock Exchange and the NASDAQ.\n\n1063\n00:38:40.639 --> 00:38:41.839\n How does this work?\n\n1064\n00:38:41.880 --> 00:38:42.400\n All right.\n\n1065\n00:38:42.400 --> 00:38:45.240\n So are there other things that are just directly listed\n\n1066\n00:38:45.240 --> 00:38:46.079\n on the NASDAQ?\n\n1067\n00:38:46.079 --> 00:38:46.920\n How does that work?\n\n1068\n00:38:46.920 --> 00:38:51.160\n So you know currently there's like two worlds.\n\n1069\n00:38:51.160 --> 00:38:53.760\n You have crypto exchanges and then you have\n\n1070\n00:38:53.760 --> 00:38:55.160\n tradify exchanges.\n\n1071\n00:38:55.160 --> 00:38:58.280\n And those two worlds are pretty much separate.\n\n1072\n00:38:58.280 --> 00:39:02.000\n The CFTC and the SEC issued a joint statement.\n\n1073\n00:39:02.000 --> 00:39:03.320\n That in itself is notable.\n\n1074\n00:39:03.320 --> 00:39:05.800\n A joint statement like they're actually talking\n\n1075\n00:39:05.800 --> 00:39:08.240\n to one another and cooperating?\n\n1076\n00:39:08.240 --> 00:39:10.000\n Who would have thought?\n\n1077\n00:39:10.000 --> 00:39:10.920\n Well, that's happening.\n\n1078\n00:39:10.920 --> 00:39:12.960\n So very bullish on that side.\n\n1079\n00:39:12.960 --> 00:39:16.360\n They basically said the path is clear\n\n1080\n00:39:16.360 --> 00:39:18.519\n and they were looking for proposals\n\n1081\n00:39:18.519 --> 00:39:22.159\n for these large US-based exchanges,\n\n1082\n00:39:22.159 --> 00:39:25.079\n tradify exchanges to submit a proposal\n\n1083\n00:39:25.079 --> 00:39:29.200\n to be able to list assets like Spot Bitcoin or Spot Eath\n\n1084\n00:39:29.200 --> 00:39:30.639\n on the New York Stock Exchange,\n\n1085\n00:39:30.639 --> 00:39:33.119\n on the NASDAQ and the CBOE.\n\n1086\n00:39:33.119 --> 00:39:33.960\n Okay.\n\n1087\n00:39:33.960 --> 00:39:36.119\n Now in order to do this, there are some hoops\n\n1088\n00:39:36.119 --> 00:39:39.200\n that these organizations would need to go through.\n\n1089\n00:39:39.200 --> 00:39:42.680\n They would need to figure out the filing itself\n\n1090\n00:39:42.680 --> 00:39:45.160\n with the SEC, custody and CFTC,\n\n1091\n00:39:45.160 --> 00:39:47.280\n custody and clearing as well.\n\n1092\n00:39:47.280 --> 00:39:48.600\n So they're not going to store it.\n\n1093\n00:39:48.600 --> 00:39:50.440\n They use Coinbase or Crackin\n\n1094\n00:39:50.440 --> 00:39:52.720\n or somebody else to actually store the assets.\n\n1095\n00:39:52.720 --> 00:39:54.560\n And the surveillance hurdles, right?\n\n1096\n00:39:54.560 --> 00:39:57.800\n So SEC and CFTC have surveillance laws.\n\n1097\n00:39:57.800 --> 00:39:59.200\n But if they get through those things\n\n1098\n00:39:59.200 --> 00:40:02.520\n and they submit a report, the SEC and CFTC are saying,\n\n1099\n00:40:02.520 --> 00:40:04.240\n it's legal, you could do this.\n\n1100\n00:40:04.240 --> 00:40:06.200\n In fact, we want to see these reports.\n\n1101\n00:40:06.200 --> 00:40:08.080\n And David, one reason why this is significant\n\n1102\n00:40:08.079 --> 00:40:09.799\n is because these exchanges alone,\n\n1103\n00:40:09.799 --> 00:40:12.319\n they do about 600 billion in daily volume\n\n1104\n00:40:12.319 --> 00:40:13.559\n across their assets.\n\n1105\n00:40:13.559 --> 00:40:15.880\n In comparison, our largest exchanges in crypto\n\n1106\n00:40:15.880 --> 00:40:18.199\n do about 20 billion, okay?\n\n1107\n00:40:18.199 --> 00:40:20.880\n So we're talking about massive volume\n\n1108\n00:40:20.880 --> 00:40:23.319\n if these assets, Spot Bitcoin, Spot Eath\n\n1109\n00:40:23.319 --> 00:40:25.039\n are listed on these exchanges.\n\n1110\n00:40:25.039 --> 00:40:26.199\n It's not going to happen overnight,\n\n1111\n00:40:26.199 --> 00:40:29.079\n but now the path is clear for them to do that.\n\n1112\n00:40:29.079 --> 00:40:32.119\n Okay, here's what I'm a little bit confused about.\n\n1113\n00:40:32.119 --> 00:40:34.079\n First, this seems competitive\n\n1114\n00:40:34.079 --> 00:40:35.639\n with some of their current customers\n\n1115\n00:40:35.639 --> 00:40:39.359\n being like BlackRock, Fidelity, Bitwise,\n\n1116\n00:40:39.359 --> 00:40:42.199\n who have listed actual ETFs.\n\n1117\n00:40:42.199 --> 00:40:43.799\n And so they're going to be competitive\n\n1118\n00:40:43.799 --> 00:40:45.319\n with their biggest customers.\n\n1119\n00:40:45.319 --> 00:40:47.239\n Like I wouldn't want to piss off BlackRock.\n\n1120\n00:40:47.239 --> 00:40:50.039\n And also they're going to have to charge fees\n\n1121\n00:40:50.039 --> 00:40:52.359\n for custodian shipping and other things.\n\n1122\n00:40:52.359 --> 00:40:53.679\n And are they going to be fee competitive\n\n1123\n00:40:53.679 --> 00:40:55.199\n with BlackRock who's coming in it?\n\n1124\n00:40:55.199 --> 00:40:56.199\n I don't remember how many Bips,\n\n1125\n00:40:56.199 --> 00:40:57.440\n but a low number of Bips.\n\n1126\n00:40:57.440 --> 00:40:59.119\n With the Bitcoin and ETH ETFs, you mean?\n\n1127\n00:40:59.119 --> 00:40:59.960\n Yeah.\n\n1128\n00:40:59.960 --> 00:41:02.359\n So if like NASAC listed their own financial products,\n\n1129\n00:41:02.359 --> 00:41:04.359\n which are competitive with what they're supposed\n\n1130\n00:41:04.360 --> 00:41:06.120\n to offer a service of a platform to trade,\n\n1131\n00:41:06.120 --> 00:41:07.400\n but then they're also offering products\n\n1132\n00:41:07.400 --> 00:41:09.320\n that are competitive with other people,\n\n1133\n00:41:09.320 --> 00:41:11.320\n it I'm kind of confused by how this works.\n\n1134\n00:41:11.320 --> 00:41:13.800\n Yeah, I don't know that they would be offering\n\n1135\n00:41:13.800 --> 00:41:15.000\n the products themselves.\n\n1136\n00:41:15.000 --> 00:41:17.360\n They would just be like these products\n\n1137\n00:41:17.360 --> 00:41:19.360\n could be available outside of an ETF\n\n1138\n00:41:19.360 --> 00:41:22.200\n from some other issuer, I suppose.\n\n1139\n00:41:22.200 --> 00:41:23.039\n Okay, yeah.\n\n1140\n00:41:23.039 --> 00:41:25.680\n And so the only way they've been available right now\n\n1141\n00:41:25.680 --> 00:41:27.640\n is an ETF form.\n\n1142\n00:41:27.640 --> 00:41:30.160\n I'm not sure what that unlock is.\n\n1143\n00:41:30.160 --> 00:41:31.440\n Yeah, what do we unlock here?\n\n1144\n00:41:31.440 --> 00:41:34.519\n Because like the ETF is like the ERC20 token\n\n1145\n00:41:34.519 --> 00:41:36.559\n for a Tratfai, like it's the composable thing.\n\n1146\n00:41:36.559 --> 00:41:39.200\n You can collateralize it in your brokerage.\n\n1147\n00:41:39.200 --> 00:41:41.440\n It's like what everyone is used to.\n\n1148\n00:41:41.440 --> 00:41:42.599\n I don't know what this unlocks here.\n\n1149\n00:41:42.599 --> 00:41:44.039\n I don't know that it's going to lock\n\n1150\n00:41:44.039 --> 00:41:45.400\n a lot of pent up liquidity\n\n1151\n00:41:45.400 --> 00:41:48.240\n that hasn't been able to access these assets right away,\n\n1152\n00:41:48.240 --> 00:41:50.200\n but it is a marker of the convergence here\n\n1153\n00:41:50.200 --> 00:41:51.840\n that's happening between the world\n\n1154\n00:41:51.840 --> 00:41:53.800\n of you have crypto exchanges over here.\n\n1155\n00:41:53.800 --> 00:41:55.679\n And then you have all New York Stock Exchange,\n\n1156\n00:41:55.679 --> 00:41:57.639\n all the Tratfai exchanges over here.\n\n1157\n00:41:57.639 --> 00:42:00.119\n And now these can list crypto assets,\n\n1158\n00:42:00.119 --> 00:42:02.920\n the Tratfai exchanges and the crypto exchanges\n\n1159\n00:42:02.920 --> 00:42:04.920\n were seeing them evolve to start listing equities\n\n1160\n00:42:04.920 --> 00:42:05.799\n and tokens.\n\n1161\n00:42:05.799 --> 00:42:09.319\n So it's just another marker of the growing convergence\n\n1162\n00:42:09.319 --> 00:42:11.039\n that we're seeing between these worlds.\n\n1163\n00:42:11.039 --> 00:42:13.359\n I did like that line in your recent debate\n\n1164\n00:42:13.359 --> 00:42:15.719\n with OMEED versus Austin Campbell.\n\n1165\n00:42:15.719 --> 00:42:18.119\n Great fucking episode, excuse me.\n\n1166\n00:42:18.119 --> 00:42:20.960\n Where the premise was that there's like currently\n\n1167\n00:42:20.960 --> 00:42:22.559\n the Tratfai world in the crypto world.\n\n1168\n00:42:22.559 --> 00:42:24.199\n And in the future there's just gonna be one big\n\n1169\n00:42:24.199 --> 00:42:26.079\n financial world and these things are gonna bleed together.\n\n1170\n00:42:26.079 --> 00:42:27.239\n I did like that line.\n\n1171\n00:42:27.280 --> 00:42:30.200\n Speaking of that, we got some details\n\n1172\n00:42:30.200 --> 00:42:33.160\n on Stripes layer one, the tempo release.\n\n1173\n00:42:33.160 --> 00:42:34.160\n We're talking about that.\n\n1174\n00:42:34.160 --> 00:42:36.600\n Also some big moves in the tokenized securities world,\n\n1175\n00:42:36.600 --> 00:42:38.280\n both on Ethereum and Salana.\n\n1176\n00:42:38.280 --> 00:42:41.400\n And David, you gotta talk to me about tokenized Pokemon.\n\n1177\n00:42:41.400 --> 00:42:42.960\n I don't know how I missed this last week,\n\n1178\n00:42:42.960 --> 00:42:44.120\n but you came back and you told me\n\n1179\n00:42:44.120 --> 00:42:45.840\n that was a thing happening crypto.\n\n1180\n00:42:45.840 --> 00:42:48.480\n Possibly missed the tokenized Pokemon meta.\n\n1181\n00:42:48.480 --> 00:42:49.480\n We'll get to all that and more,\n\n1182\n00:42:49.480 --> 00:42:52.400\n but first we want to shout out our friends over at Frax,\n\n1183\n00:42:52.400 --> 00:42:53.520\n some of the best yield in DeFi.\n\n1184\n00:42:53.520 --> 00:42:55.240\n We're just talking about Blue Chip yield,\n\n1185\n00:42:55.240 --> 00:42:59.080\n like Circle Athena and Maker all had a baby, go check it out.\n\n1186\n00:42:59.080 --> 00:43:00.360\n In the Wild West of DeFi,\n\n1187\n00:43:00.360 --> 00:43:02.360\n Stability and Innovation are everything,\n\n1188\n00:43:02.360 --> 00:43:04.520\n which is why you should check out Frax Finance.\n\n1189\n00:43:04.520 --> 00:43:07.600\n The protocol revolutionizing stablecoins, DeFi and Rolex.\n\n1190\n00:43:07.600 --> 00:43:09.880\n The core of Frax Finance is Frax USD,\n\n1191\n00:43:09.880 --> 00:43:12.320\n which is backed by BlackRock's institutional fiddle fund.\n\n1192\n00:43:12.320 --> 00:43:15.200\n Frax designed Frax USD for besting class yields\n\n1193\n00:43:15.200 --> 00:43:18.600\n across DeFi, T-bills, and carry trade returns all in one.\n\n1194\n00:43:18.600 --> 00:43:20.720\n Just head to Frax.com, then stake it to earn\n\n1195\n00:43:20.720 --> 00:43:22.200\n some of the best yields in DeFi.\n\n1196\n00:43:22.200 --> 00:43:23.040\n Want even more?\n\n1197\n00:43:23.039 --> 00:43:25.920\n Bridge your Frax USD over to the Frax.com layer two\n\n1198\n00:43:25.920 --> 00:43:28.320\n for the same yield plus Frax.com points\n\n1199\n00:43:28.320 --> 00:43:30.719\n and explore Frax.com's diverse layer two ecosystem\n\n1200\n00:43:30.719 --> 00:43:33.079\n with protocols like Curve, Convex, and more,\n\n1201\n00:43:33.079 --> 00:43:34.719\n all rewarding early adopters.\n\n1202\n00:43:34.719 --> 00:43:37.759\n Frax isn't just a protocol, it's a digital nation,\n\n1203\n00:43:37.759 --> 00:43:39.400\n powered by the FXS token\n\n1204\n00:43:39.400 --> 00:43:41.000\n and governed by its global community.\n\n1205\n00:43:41.000 --> 00:43:44.360\n Acquire FXS through Frax.com or your go-to decks,\n\n1206\n00:43:44.360 --> 00:43:46.599\n stake it and help shape Frax nation's future.\n\n1207\n00:43:46.599 --> 00:43:48.360\n Ready to join the forefront of DeFi?\n\n1208\n00:43:48.360 --> 00:43:51.360\n Visit Frax.com now to start earning with Frax USD\n\n1209\n00:43:51.360 --> 00:43:52.840\n and staked Frax USD.\n\n1210\n00:43:52.840 --> 00:43:54.360\n And for bankless listeners, you can use\n\n1211\n00:43:54.360 --> 00:43:57.039\n Frax.com slash R slash bankless\n\n1212\n00:43:57.039 --> 00:43:59.800\n when bridging to Frax will for exclusive Frax will perks\n\n1213\n00:43:59.800 --> 00:44:00.880\n and boosted rewards.\n\n1214\n00:44:00.880 --> 00:44:02.599\n Imagine a world where traditional finance\n\n1215\n00:44:02.599 --> 00:44:04.760\n meets the power of blockchain seamlessly.\n\n1216\n00:44:04.760 --> 00:44:06.880\n That's what mantle is pioneering with blockchain\n\n1217\n00:44:06.880 --> 00:44:09.160\n for banking, a revolutionary new category\n\n1218\n00:44:09.160 --> 00:44:11.120\n at the intersection of Trad5 and Web3.\n\n1219\n00:44:11.120 --> 00:44:13.640\n At the heart is you are the world's first money app\n\n1220\n00:44:13.640 --> 00:44:14.559\n built fully on chain.\n\n1221\n00:44:14.559 --> 00:44:16.039\n It gives you a Swiss iBand account\n\n1222\n00:44:16.039 --> 00:44:18.599\n blending fiat currencies like the Euro, the Swiss franc,\n\n1223\n00:44:18.599 --> 00:44:20.800\n the United States dollar or the Remembee with crypto.\n\n1224\n00:44:20.840 --> 00:44:23.360\n All in one place, enjoy real world usability\n\n1225\n00:44:23.360 --> 00:44:25.320\n and blockchains trust and programmability.\n\n1226\n00:44:25.320 --> 00:44:27.320\n Transactions post directly to the blockchain\n\n1227\n00:44:27.320 --> 00:44:28.840\n compatible with Trad5 Rails\n\n1228\n00:44:28.840 --> 00:44:31.000\n and packed with integrated DeFi futures.\n\n1229\n00:44:31.000 --> 00:44:33.840\n UR transforms mantle network into the ultimate platform\n\n1230\n00:44:33.840 --> 00:44:35.480\n for on-chain financial services,\n\n1231\n00:44:35.480 --> 00:44:38.600\n unifying payments, trading and assets like the MI4,\n\n1232\n00:44:38.600 --> 00:44:41.480\n the MEs protocol and functions FBTC.\n\n1233\n00:44:41.480 --> 00:44:44.000\n backed by developer grants, ecosystem incentives\n\n1234\n00:44:44.000 --> 00:44:45.960\n and top distribution through the UR app,\n\n1235\n00:44:45.960 --> 00:44:48.080\n reward stations and buy-bit launch pool.\n\n1236\n00:44:48.119 --> 00:44:51.319\n For M&T holders, every economic activity in UR\n\n1237\n00:44:51.319 --> 00:44:54.199\n drives value back to you, embodying the entire stack\n\n1238\n00:44:54.199 --> 00:44:56.840\n and future growth of this super app ecosystem.\n\n1239\n00:44:56.840 --> 00:44:59.759\n Follow mantle on X at mantle underscore official\n\n1240\n00:44:59.759 --> 00:45:01.519\n for the latest updates on blockchain for banking.\n\n1241\n00:45:01.519 --> 00:45:04.159\n That's x.com slash mantle underscore official.\n\n1242\n00:45:04.159 --> 00:45:07.039\n Introducing Tempo, a payments first blockchain\n\n1243\n00:45:07.039 --> 00:45:08.719\n incubated by Stripe and Paradigm.\n\n1244\n00:45:08.719 --> 00:45:11.880\n This interestingly got broken on Twitter by Matt Huang\n\n1245\n00:45:11.880 --> 00:45:14.639\n from Paradigm before anyone I saw from Stripe\n\n1246\n00:45:14.639 --> 00:45:16.719\n actually tweeting it, but the people from Stripe\n\n1247\n00:45:16.719 --> 00:45:17.880\n followed up a few minutes later.\n\n1248\n00:45:17.920 --> 00:45:19.400\n So here are the details.\n\n1249\n00:45:19.400 --> 00:45:22.480\n Tempo is a purpose built blockchain for stable coins\n\n1250\n00:45:22.480 --> 00:45:24.240\n and real world payments.\n\n1251\n00:45:24.240 --> 00:45:27.240\n Born from Stripe's experience in global payments\n\n1252\n00:45:27.240 --> 00:45:29.400\n and Paradigm's expertise in crypto,\n\n1253\n00:45:29.400 --> 00:45:31.599\n to ensure Tempo serves a broad array of needs.\n\n1254\n00:45:31.599 --> 00:45:33.480\n We're excited to be working with an incredible\n\n1255\n00:45:33.480 --> 00:45:35.640\n in group of initial design partners,\n\n1256\n00:45:35.640 --> 00:45:39.440\n including Anthropic, Deutsche Bank, DoorDash,\n\n1257\n00:45:39.440 --> 00:45:41.760\n Lead Bank, Mirkery, New Bank, OpenAI,\n\n1258\n00:45:41.760 --> 00:45:45.640\n DoorDash get in Shopify, Standard Chartered Visa and more.\n\n1259\n00:45:45.640 --> 00:45:47.280\n Interesting to see some of the AI companies\n\n1260\n00:45:47.280 --> 00:45:51.440\n in their obviously blockchains and AI's go together.\n\n1261\n00:45:51.440 --> 00:45:53.920\n How are AI's going to send money on a blockchain?\n\n1262\n00:45:53.920 --> 00:45:55.080\n It makes way more sense.\n\n1263\n00:45:55.920 --> 00:45:57.840\n Tempo is being designed to be a payment.\n\n1264\n00:45:57.840 --> 00:46:00.160\n I'm also reading from Matt Huang's tweet.\n\n1265\n00:46:00.160 --> 00:46:03.080\n Tempo's payment first design includes predictable low fees,\n\n1266\n00:46:03.080 --> 00:46:06.960\n payments and gas in any stablecoin via an enshrined AMM.\n\n1267\n00:46:06.960 --> 00:46:07.800\n What does that mean?\n\n1268\n00:46:07.800 --> 00:46:10.000\n That means that the Tempo blockchain has an AMM\n\n1269\n00:46:10.000 --> 00:46:12.080\n built directly into the blockchain.\n\n1270\n00:46:12.080 --> 00:46:15.160\n Paradigm also Dan from Paradigm\n\n1271\n00:46:15.440 --> 00:46:18.480\n just basically helped build Uniswap V3 and V4.\n\n1272\n00:46:18.480 --> 00:46:20.920\n So I would assume this is very significantly overlapping\n\n1273\n00:46:20.920 --> 00:46:23.399\n with Uniswap to put that right into the blockchain.\n\n1274\n00:46:23.399 --> 00:46:25.480\n And then because it's enthrined,\n\n1275\n00:46:25.480 --> 00:46:28.159\n you can just pay for gas via any token\n\n1276\n00:46:28.159 --> 00:46:30.879\n by having liquidity access through the AMM.\n\n1277\n00:46:30.879 --> 00:46:31.759\n That's kind of cool.\n\n1278\n00:46:31.759 --> 00:46:34.279\n Payments first UX, dedicated payment lane memos,\n\n1279\n00:46:34.279 --> 00:46:37.440\n access lists, et cetera, opt-in privacy,\n\n1280\n00:46:37.440 --> 00:46:39.879\n scale 100,000 transactions per second\n\n1281\n00:46:39.879 --> 00:46:41.960\n with sub-second finality.\n\n1282\n00:46:41.960 --> 00:46:43.879\n And this is all built on Reth.\n\n1283\n00:46:43.880 --> 00:46:47.160\n The Rust Ethereum client pioneered by Georgios\n\n1284\n00:46:47.160 --> 00:46:48.440\n in the Paradigm team.\n\n1285\n00:46:48.440 --> 00:46:51.960\n So this is Reth's first big debut in production\n\n1286\n00:46:51.960 --> 00:46:56.320\n as a dedicated client for a layer one blockchain.\n\n1287\n00:46:56.320 --> 00:46:57.960\n And then lastly, Tempo eases the path\n\n1288\n00:46:57.960 --> 00:47:00.800\n to bringing real workflows on chains such as global payments,\n\n1289\n00:47:00.800 --> 00:47:03.599\n pay-in, pay-outs, pay-ins and pay-roll,\n\n1290\n00:47:03.599 --> 00:47:05.840\n embedded financial accounts, fast and cheap remittances,\n\n1291\n00:47:05.840 --> 00:47:07.920\n tokenized deposits for 24-7 settlement,\n\n1292\n00:47:07.920 --> 00:47:11.200\n micro-transactions and agent payments.\n\n1293\n00:47:11.200 --> 00:47:13.599\n Interestingly, we are building Tempo.\n\n1294\n00:47:13.599 --> 00:47:15.679\n This map, again, it's always been met.\n\n1295\n00:47:15.679 --> 00:47:17.119\n We are building Tempo with principles\n\n1296\n00:47:17.119 --> 00:47:18.759\n of decentralization and neutrality.\n\n1297\n00:47:18.759 --> 00:47:20.839\n That includes stablecoin and neutrality.\n\n1298\n00:47:20.839 --> 00:47:22.480\n Anyone can issue a stablecoin\n\n1299\n00:47:22.480 --> 00:47:25.599\n and any stablecoin can be used for payments or gas,\n\n1300\n00:47:25.599 --> 00:47:29.039\n along with an independent and diverse value set\n\n1301\n00:47:29.039 --> 00:47:33.639\n with Ryan, a roadmap to a permissionless model\n\n1302\n00:47:33.639 --> 00:47:36.319\n which I find interesting.\n\n1303\n00:47:36.319 --> 00:47:37.519\n It is interesting.\n\n1304\n00:47:37.519 --> 00:47:41.039\n And so this is EVM, which is cool.\n\n1305\n00:47:41.039 --> 00:47:41.880\n It's all Reth.\n\n1306\n00:47:41.920 --> 00:47:43.559\n So you can see this is really a fusion of,\n\n1307\n00:47:43.559 --> 00:47:46.840\n there's a lot of paradigm influence in this as well.\n\n1308\n00:47:46.840 --> 00:47:48.720\n I actually got some of the inside scoop\n\n1309\n00:47:48.720 --> 00:47:51.079\n because I talked to Zach Abrams earlier this week.\n\n1310\n00:47:51.079 --> 00:47:54.800\n That episode's going to be out on Monday, I believe.\n\n1311\n00:47:54.800 --> 00:47:58.559\n And Zach is the guy who sold a bridge.\n\n1312\n00:47:58.559 --> 00:48:02.039\n It was basically a stablecoin payments company.\n\n1313\n00:48:02.039 --> 00:48:05.320\n He sold bridge to Stripe for a billion dollars.\n\n1314\n00:48:05.320 --> 00:48:09.559\n And Matt's had a key role in actually selecting this platform\n\n1315\n00:48:09.559 --> 00:48:11.000\n and going with an L1.\n\n1316\n00:48:11.039 --> 00:48:12.440\n And so I asked him, I was like, Zach,\n\n1317\n00:48:12.440 --> 00:48:13.719\n why did you guys do it?\n\n1318\n00:48:13.719 --> 00:48:15.760\n And he went through a case, actually he tweeted about this.\n\n1319\n00:48:15.760 --> 00:48:20.039\n But one of the things that they had been trying to do\n\n1320\n00:48:20.039 --> 00:48:23.239\n at bridge was do like basically an air drop.\n\n1321\n00:48:23.239 --> 00:48:24.760\n Imagine, for instance, if you,\n\n1322\n00:48:24.760 --> 00:48:26.840\n remember the STEMi checks we all got,\n\n1323\n00:48:26.840 --> 00:48:28.599\n imagine he wanted to issue STEMi checks\n\n1324\n00:48:28.599 --> 00:48:30.199\n like 50 million Americans.\n\n1325\n00:48:30.199 --> 00:48:32.400\n And they did some of this, I forget what country he mentioned,\n\n1326\n00:48:32.400 --> 00:48:37.119\n but they were doing large scale air drops of stablecoins\n\n1327\n00:48:37.119 --> 00:48:39.440\n to some users for some particular use case.\n\n1328\n00:48:40.280 --> 00:48:41.720\n It's a none of the change.\n\n1329\n00:48:41.720 --> 00:48:44.559\n None of the L1s could actually support that use case.\n\n1330\n00:48:44.559 --> 00:48:47.599\n They were too slow, cost too much in terms of gas.\n\n1331\n00:48:47.599 --> 00:48:49.320\n They even tried things like stellar.\n\n1332\n00:48:49.320 --> 00:48:50.159\n So people I don't remember,\n\n1333\n00:48:50.159 --> 00:48:52.159\n but Stripe was an early investor in stellar.\n\n1334\n00:48:52.159 --> 00:48:54.679\n And that was a chain that they were attempting this on.\n\n1335\n00:48:54.679 --> 00:48:56.000\n Yeah, okay.\n\n1336\n00:48:56.000 --> 00:48:58.000\n And so his take was basically,\n\n1337\n00:48:58.000 --> 00:49:00.880\n we couldn't accomplish this with any public L1.\n\n1338\n00:49:00.880 --> 00:49:03.039\n And so we needed to roll our own.\n\n1339\n00:49:03.039 --> 00:49:05.599\n And so if you want that sub-second finality,\n\n1340\n00:49:05.599 --> 00:49:09.159\n and if you want the, even the privacy\n\n1341\n00:49:09.159 --> 00:49:11.199\n and to like low gas fees,\n\n1342\n00:49:11.199 --> 00:49:14.480\n layer one for them, he said was the only option.\n\n1343\n00:49:14.480 --> 00:49:16.440\n So that's some of the reason why\n\n1344\n00:49:16.440 --> 00:49:18.839\n and some of the use cases around it.\n\n1345\n00:49:18.839 --> 00:49:20.960\n Now, I find that answer incomplete,\n\n1346\n00:49:20.960 --> 00:49:22.159\n but I'll accept it for now.\n\n1347\n00:49:22.159 --> 00:49:24.199\n Yeah, he was also very quick to say,\n\n1348\n00:49:24.199 --> 00:49:26.000\n this isn't Stripe's chain, right?\n\n1349\n00:49:26.000 --> 00:49:29.119\n And as you saw that consortium of other companies,\n\n1350\n00:49:29.119 --> 00:49:30.480\n it almost reminds me a little bit\n\n1351\n00:49:30.480 --> 00:49:32.159\n of the resurrection of Libra.\n\n1352\n00:49:32.159 --> 00:49:33.319\n Just on a smaller scale.\n\n1353\n00:49:33.320 --> 00:49:35.640\n It's just Libra, this is Libra.\n\n1354\n00:49:35.640 --> 00:49:37.039\n But Libra was not EVM.\n\n1355\n00:49:37.039 --> 00:49:39.120\n Now they're doing a Libra version with EVM\n\n1356\n00:49:39.120 --> 00:49:40.440\n and sort of a consortium.\n\n1357\n00:49:40.440 --> 00:49:43.720\n So this is the spirit of Libra.\n\n1358\n00:49:43.720 --> 00:49:44.720\n Same kind of fly.\n\n1359\n00:49:44.720 --> 00:49:46.200\n Which honestly you have to give credit to Libra\n\n1360\n00:49:46.200 --> 00:49:47.480\n for being way ahead of its time.\n\n1361\n00:49:47.480 --> 00:49:49.559\n Yeah, it was just like wasn't politically tenable\n\n1362\n00:49:49.559 --> 00:49:51.160\n at the time and what totally is.\n\n1363\n00:49:51.160 --> 00:49:52.480\n That's why they're doing this.\n\n1364\n00:49:52.480 --> 00:49:53.480\n Yeah.\n\n1365\n00:49:53.480 --> 00:49:54.559\n Dave, there's some big moves\n\n1366\n00:49:54.559 --> 00:49:56.360\n in the tokenized securities world.\n\n1367\n00:49:56.360 --> 00:49:57.800\n The first was Ondo.\n\n1368\n00:49:57.800 --> 00:50:02.600\n So Ondo launched tokenized securities on Ethereum.\n\n1369\n00:50:02.599 --> 00:50:05.279\n So are you familiar with Ondo at all, David?\n\n1370\n00:50:05.279 --> 00:50:06.119\n I know the name.\n\n1371\n00:50:06.119 --> 00:50:08.400\n I haven't really ever done the rabbit hole deep dive.\n\n1372\n00:50:08.400 --> 00:50:10.000\n They've been around for a very long time.\n\n1373\n00:50:10.000 --> 00:50:11.440\n They've been pretty big in the world\n\n1374\n00:50:11.440 --> 00:50:13.759\n of tokenized treasuries for a while.\n\n1375\n00:50:13.759 --> 00:50:15.920\n And this is their first attempt, I believe.\n\n1376\n00:50:15.920 --> 00:50:16.759\n It's restricted.\n\n1377\n00:50:16.759 --> 00:50:17.599\n So here's the thing.\n\n1378\n00:50:17.599 --> 00:50:19.239\n It's not available for people in the US.\n\n1379\n00:50:19.239 --> 00:50:21.000\n So I'm not on a VPN right now.\n\n1380\n00:50:21.000 --> 00:50:22.319\n Just like a good American.\n\n1381\n00:50:22.319 --> 00:50:24.639\n I can't access this.\n\n1382\n00:50:24.639 --> 00:50:28.159\n But it has a whole bunch of stocks, ETFs.\n\n1383\n00:50:28.159 --> 00:50:30.319\n There are some limits in terms of how much you can buy.\n\n1384\n00:50:30.319 --> 00:50:32.199\n ETFs, all the big things.\n\n1385\n00:50:32.200 --> 00:50:34.440\n I know it's like 100, 200 different stocks\n\n1386\n00:50:34.440 --> 00:50:36.800\n and ETFs that you can buy.\n\n1387\n00:50:36.800 --> 00:50:39.520\n And the benefit here is it's not like X stocks.\n\n1388\n00:50:39.520 --> 00:50:43.880\n So the benefit here is you get a better liquidity guarantees.\n\n1389\n00:50:43.880 --> 00:50:45.680\n So the problem with some of the tokenized securities\n\n1390\n00:50:45.680 --> 00:50:50.120\n like X stocks was there almost like a synthetic version.\n\n1391\n00:50:50.120 --> 00:50:53.440\n And they would trade off the price and liquidity\n\n1392\n00:50:53.440 --> 00:50:56.400\n of kind of the primary versions of these assets\n\n1393\n00:50:56.400 --> 00:50:59.720\n that were on like real trad-fi exchanges.\n\n1394\n00:50:59.720 --> 00:51:01.240\n This gets around that.\n\n1395\n00:51:01.240 --> 00:51:02.720\n And I'll tell you how it gets around this.\n\n1396\n00:51:02.720 --> 00:51:04.440\n This is on Ethereum, but it's actually\n\n1397\n00:51:04.440 --> 00:51:07.160\n using intense infrastructure.\n\n1398\n00:51:07.160 --> 00:51:08.640\n This is actually a unique use case\n\n1399\n00:51:08.640 --> 00:51:12.120\n for Ethereum real world assets, how they work.\n\n1400\n00:51:12.120 --> 00:51:14.720\n So I was talking to the team.\n\n1401\n00:51:14.720 --> 00:51:16.880\n Our liquidity model they said is fundamentally different\n\n1402\n00:51:16.880 --> 00:51:19.560\n from existing permissionless solutions like X stocks.\n\n1403\n00:51:19.560 --> 00:51:22.360\n We do not rely on on-chain market inventory.\n\n1404\n00:51:22.360 --> 00:51:25.880\n Instead, their architecture runs on intense-based systems\n\n1405\n00:51:25.880 --> 00:51:27.200\n where the tokenized stock is only\n\n1406\n00:51:27.200 --> 00:51:30.280\n minted when investor demand occurs.\n\n1407\n00:51:30.280 --> 00:51:32.200\n All right, so there's some investor demand.\n\n1408\n00:51:32.200 --> 00:51:36.160\n I'm doing a 10K buy for Apple shares, let's say,\n\n1409\n00:51:36.160 --> 00:51:37.760\n and then an intent clicks.\n\n1410\n00:51:37.760 --> 00:51:40.080\n And that is fulfilled on the other side.\n\n1411\n00:51:40.080 --> 00:51:43.480\n So this allows them to not pre-fund the liquidity on-chain.\n\n1412\n00:51:43.480 --> 00:51:45.320\n So it lowers the capital cost of bringing\n\n1413\n00:51:45.320 --> 00:51:46.800\n traditional markets on-chain.\n\n1414\n00:51:46.800 --> 00:51:48.840\n And it was beneficial for them to launch on Ethereum\n\n1415\n00:51:48.840 --> 00:51:51.240\n because Ethereum has very well developed\n\n1416\n00:51:51.240 --> 00:51:54.160\n intense-based infrastructure to support\n\n1417\n00:51:54.160 --> 00:51:55.920\n that type of the use case.\n\n1418\n00:51:55.920 --> 00:51:57.720\n So it's interesting.\n\n1419\n00:51:57.720 --> 00:51:59.600\n I think it's an evolution of what we've seen\n\n1420\n00:51:59.600 --> 00:52:01.600\n with tokenized stocks, like X stocks,\n\n1421\n00:52:01.600 --> 00:52:03.960\n kind of janky, had some problems.\n\n1422\n00:52:03.960 --> 00:52:06.360\n This is better from the liquidity side of things.\n\n1423\n00:52:06.360 --> 00:52:09.640\n It's still not the same as actually owning a stock.\n\n1424\n00:52:09.640 --> 00:52:11.560\n All right, but you can redeem it very quick\n\n1425\n00:52:11.560 --> 00:52:13.960\n and it should trade closer to the price.\n\n1426\n00:52:13.960 --> 00:52:16.760\n Well, Ryan, if you want to actually own a stock,\n\n1427\n00:52:16.760 --> 00:52:19.440\n you can actually own Galaxy stock.\n\n1428\n00:52:19.440 --> 00:52:21.760\n You're just gonna have to go to Solana to do it\n\n1429\n00:52:21.760 --> 00:52:25.040\n because Galaxy has tokenized their actual stock,\n\n1430\n00:52:25.039 --> 00:52:28.039\n not an IOU of a stock, but the actual stock\n\n1431\n00:52:28.039 --> 00:52:29.239\n is now tokenized on Solana.\n\n1432\n00:52:29.239 --> 00:52:32.079\n This is with Robert Lescher as a super state.\n\n1433\n00:52:32.079 --> 00:52:34.639\n There's a coin gecko page, which is pretty cool.\n\n1434\n00:52:34.639 --> 00:52:36.400\n It's not yet trading, so there's no price\n\n1435\n00:52:36.400 --> 00:52:38.239\n or price action at all.\n\n1436\n00:52:38.239 --> 00:52:40.320\n But the fact that there is a coin gecko page\n\n1437\n00:52:40.320 --> 00:52:42.960\n of what is an actual stock, again,\n\n1438\n00:52:42.960 --> 00:52:44.480\n not a redeemable first stock.\n\n1439\n00:52:44.480 --> 00:52:46.079\n It's the first native security that we've seen.\n\n1440\n00:52:46.079 --> 00:52:49.599\n It's a native security on a blockchain,\n\n1441\n00:52:49.599 --> 00:52:51.400\n which is pretty damn cool.\n\n1442\n00:52:51.400 --> 00:52:54.679\n I of course went right to my DMs with Robert Lescher.\n\n1443\n00:52:54.720 --> 00:52:58.040\n I was like, Rob, why is it on Solana?\n\n1444\n00:52:58.040 --> 00:53:00.960\n He says, if you are the issuer of said stock,\n\n1445\n00:53:00.960 --> 00:53:03.200\n you get to choose what chain you put it on.\n\n1446\n00:53:03.200 --> 00:53:06.160\n And apparently Galaxy just chose Solana.\n\n1447\n00:53:06.160 --> 00:53:07.680\n Yeah, I think this is a big step for it,\n\n1448\n00:53:07.680 --> 00:53:10.280\n actually getting native securities on chain.\n\n1449\n00:53:10.280 --> 00:53:12.400\n And it's much better than the X-Doc design,\n\n1450\n00:53:12.400 --> 00:53:15.400\n much better, I guess, from a property rights perspective\n\n1451\n00:53:15.400 --> 00:53:17.160\n of the inner property.\n\n1452\n00:53:17.160 --> 00:53:18.320\n It is the property.\n\n1453\n00:53:18.320 --> 00:53:19.960\n The problem is, though, it is gonna be harder\n\n1454\n00:53:19.960 --> 00:53:23.520\n to bootstrap this because what this requires\n\n1455\n00:53:23.519 --> 00:53:26.679\n is that every single issuer want to do this,\n\n1456\n00:53:26.679 --> 00:53:29.119\n cooperate, create a new legal structure,\n\n1457\n00:53:29.119 --> 00:53:33.599\n specifically for their tokenized stock on chain.\n\n1458\n00:53:33.599 --> 00:53:36.000\n So it seems like you could get one or two\n\n1459\n00:53:36.000 --> 00:53:37.119\n or some niche players.\n\n1460\n00:53:37.119 --> 00:53:39.199\n It's gonna be hard to get the type of volume\n\n1461\n00:53:39.199 --> 00:53:41.719\n that tradifies getting until you kind of break\n\n1462\n00:53:41.719 --> 00:53:43.360\n through that bootstrapping problem.\n\n1463\n00:53:43.360 --> 00:53:45.800\n Hopefully, this is where everything goes.\n\n1464\n00:53:45.800 --> 00:53:48.759\n And we get actual native stocks on chain,\n\n1465\n00:53:48.759 --> 00:53:50.199\n but it could take a while to get there\n\n1466\n00:53:50.200 --> 00:53:53.560\n and we'll have these hacky type solutions until then.\n\n1467\n00:53:53.560 --> 00:53:55.080\n Well, I wanna push back a little bit on that\n\n1468\n00:53:55.080 --> 00:53:57.600\n because, yes, everything you said right is correct\n\n1469\n00:53:57.600 --> 00:53:58.840\n and right is like if there's friction,\n\n1470\n00:53:58.840 --> 00:54:00.640\n the new legal entity, all that kind of stuff\n\n1471\n00:54:00.640 --> 00:54:01.680\n is gonna have some costs.\n\n1472\n00:54:01.680 --> 00:54:03.200\n A, there are IPO costs.\n\n1473\n00:54:03.200 --> 00:54:05.640\n And so costs are being paid to access liquidity\n\n1474\n00:54:05.640 --> 00:54:06.600\n one way or another.\n\n1475\n00:54:06.600 --> 00:54:09.240\n But like if our thesis about DeFi is correct,\n\n1476\n00:54:09.240 --> 00:54:11.120\n which is you get capital efficiency,\n\n1477\n00:54:11.120 --> 00:54:12.920\n you get if you put a token on Ethereum,\n\n1478\n00:54:12.920 --> 00:54:16.480\n you get access to Ethereum's complete DeFi toolset,\n\n1479\n00:54:16.480 --> 00:54:19.200\n there's a very strong gravitational pull\n\n1480\n00:54:19.200 --> 00:54:22.240\n to be able to put your stocks inside of Ave or Morpho\n\n1481\n00:54:22.240 --> 00:54:24.320\n or any sort of DeFi app.\n\n1482\n00:54:24.320 --> 00:54:25.840\n I think for crypto native companies,\n\n1483\n00:54:25.840 --> 00:54:27.280\n it could be worth it for them, right?\n\n1484\n00:54:27.280 --> 00:54:28.960\n Cause they already have the crypto customers.\n\n1485\n00:54:28.960 --> 00:54:31.480\n But if you're looking at like the liquidity of basically,\n\n1486\n00:54:31.480 --> 00:54:33.320\n you know, the traditional exchanges\n\n1487\n00:54:33.320 --> 00:54:35.960\n and 600 million in securities volume,\n\n1488\n00:54:35.960 --> 00:54:39.160\n and then you go, you look at crypto securities liquidity\n\n1489\n00:54:39.160 --> 00:54:41.560\n and it's like, I don't know, 20 million a day or something,\n\n1490\n00:54:41.560 --> 00:54:43.160\n you're definitely gonna wanna put your asset\n\n1491\n00:54:43.160 --> 00:54:45.680\n where the volume is.\n\n1492\n00:54:45.680 --> 00:54:47.680\n And that's just the bootstrapping problem you have to get over.\n\n1493\n00:54:47.680 --> 00:54:49.280\n And now it's Robert Lesterner's job\n\n1494\n00:54:49.280 --> 00:54:53.080\n to go and seek out like the larger and larger like deals.\n\n1495\n00:54:53.080 --> 00:54:55.120\n So he can go start climbing the ranks\n\n1496\n00:54:55.120 --> 00:54:56.680\n of publicly traded companies and be like,\n\n1497\n00:54:56.680 --> 00:54:59.000\n Hey, you wanna get your tokens on crypto?\n\n1498\n00:54:59.000 --> 00:55:01.240\n And the more he does that, the more liquidity flows.\n\n1499\n00:55:01.240 --> 00:55:02.840\n More like stablecoin all time highs\n\n1500\n00:55:02.840 --> 00:55:04.360\n are being broken every single day.\n\n1501\n00:55:04.360 --> 00:55:08.080\n And so the size of the gravitational pull is increasing.\n\n1502\n00:55:08.080 --> 00:55:09.080\n It'll just take some time.\n\n1503\n00:55:09.080 --> 00:55:10.040\n I agree with that.\n\n1504\n00:55:10.040 --> 00:55:13.120\n David, Polymarket finally got the green light.\n\n1505\n00:55:13.120 --> 00:55:14.720\n Do you wanna read this tweet?\n\n1506\n00:55:14.720 --> 00:55:15.560\n Yeah, yeah.\n\n1507\n00:55:15.719 --> 00:55:18.960\n From Shane Compleman, the founder of Polymarket.\n\n1508\n00:55:18.960 --> 00:55:20.159\n Polymarket has been given the green light\n\n1509\n00:55:20.159 --> 00:55:22.360\n to go live in the United States by the CFTC.\n\n1510\n00:55:22.360 --> 00:55:23.920\n So they received a no action letter.\n\n1511\n00:55:23.920 --> 00:55:26.519\n They filed saying, Hey, can are we gonna get in trouble\n\n1512\n00:55:26.519 --> 00:55:28.440\n if we allow US citizens?\n\n1513\n00:55:28.440 --> 00:55:32.679\n And the CFTC said, we're, no, basically, no, you're not.\n\n1514\n00:55:32.679 --> 00:55:34.119\n And so that's nice.\n\n1515\n00:55:34.119 --> 00:55:36.599\n We can all take down our VPNs now.\n\n1516\n00:55:36.599 --> 00:55:40.400\n United States citizens can now access a Polymarket directly.\n\n1517\n00:55:40.400 --> 00:55:41.400\n And this is pretty cool.\n\n1518\n00:55:41.400 --> 00:55:43.559\n I mean, this is huge just for,\n\n1519\n00:55:43.559 --> 00:55:48.320\n I think just like assurances and sentiment, I would say.\n\n1520\n00:55:48.320 --> 00:55:49.320\n It'll will be kind of cool.\n\n1521\n00:55:49.320 --> 00:55:53.960\n I guess also funds can now go trade on Polymarket.\n\n1522\n00:55:53.960 --> 00:55:56.400\n I don't really think this really stopped any individuals,\n\n1523\n00:55:56.400 --> 00:55:59.199\n but it definitely stopped funds from trading on Polymarket.\n\n1524\n00:55:59.199 --> 00:56:00.639\n If they wanna take a position in something.\n\n1525\n00:56:00.639 --> 00:56:03.559\n I think I feel like it stopped Polymarket\n\n1526\n00:56:03.559 --> 00:56:05.480\n from going as mainstream as it could have.\n\n1527\n00:56:05.480 --> 00:56:07.360\n And it probably will go post this, right?\n\n1528\n00:56:07.360 --> 00:56:09.400\n Just because there's friction in a VPN.\n\n1529\n00:56:09.400 --> 00:56:10.239\n Yeah.\n\n1530\n00:56:10.239 --> 00:56:12.239\n You know, like, I mean, people are gonna,\n\n1531\n00:56:12.640 --> 00:56:15.040\n not for us not getting USDC under Polymarket.\n\n1532\n00:56:15.040 --> 00:56:16.880\n But plenty of friction cause of the VPN.\n\n1533\n00:56:16.880 --> 00:56:17.720\n Yeah.\n\n1534\n00:56:17.720 --> 00:56:19.600\n Is this Mr. Beast talking about his,\n\n1535\n00:56:19.600 --> 00:56:22.640\n Mr. Beast was on a live stream looking at Polymarket\n\n1536\n00:56:22.640 --> 00:56:23.960\n and he just was having a good time.\n\n1537\n00:56:23.960 --> 00:56:26.800\n So yeah, like Mr. Beast on Polymarket,\n\n1538\n00:56:26.800 --> 00:56:29.360\n Polymarket is becoming just like a household name.\n\n1539\n00:56:29.360 --> 00:56:31.720\n As we mentioned earlier in the show,\n\n1540\n00:56:31.720 --> 00:56:34.940\n Donald Trump Jr. takes a stake in the prediction\n\n1541\n00:56:34.940 --> 00:56:36.640\n platform, Polymarket.\n\n1542\n00:56:36.640 --> 00:56:38.840\n So he bought a bunch of shares\n\n1543\n00:56:38.840 --> 00:56:41.280\n and now he's on the advisory board, interestingly enough,\n\n1544\n00:56:41.280 --> 00:56:44.280\n He's also on the advisory board of Kallche.\n\n1545\n00:56:44.280 --> 00:56:47.320\n And have you been following the Kallche Polly market\n\n1546\n00:56:47.320 --> 00:56:48.680\n just a little bit back here?\n\n1547\n00:56:48.680 --> 00:56:52.580\n Absolutely boiling like war between these two organizations?\n\n1548\n00:56:52.580 --> 00:56:53.400\n It's a big hatred, right?\n\n1549\n00:56:53.400 --> 00:56:54.240\n It's a big rivalry.\n\n1550\n00:56:54.240 --> 00:56:56.560\n I don't think I've ever seen a level of hatred\n\n1551\n00:56:56.560 --> 00:56:57.400\n between two countries.\n\n1552\n00:56:57.400 --> 00:56:58.240\n Should we get them on credit rates?\n\n1553\n00:56:58.240 --> 00:56:59.920\n Should we get the founders, both founders, just like...\n\n1554\n00:56:59.920 --> 00:57:01.720\n I don't know.\n\n1555\n00:57:01.720 --> 00:57:03.560\n There's any debate to be had.\n\n1556\n00:57:03.560 --> 00:57:05.480\n It would be more of like a mediation.\n\n1557\n00:57:05.480 --> 00:57:09.400\n Okay, so there's a tweet from this guy, William Legate,\n\n1558\n00:57:09.400 --> 00:57:11.720\n who I thought was pretty interesting.\n\n1559\n00:57:11.720 --> 00:57:13.240\n Invite interesting, I mean hilarious.\n\n1560\n00:57:13.240 --> 00:57:16.000\n He said, when I joined Kallche a year ago,\n\n1561\n00:57:16.000 --> 00:57:19.160\n Tarek, some guy at Kallche, made their mission clear.\n\n1562\n00:57:19.160 --> 00:57:21.920\n Quote, copy everything Polly market does.\n\n1563\n00:57:21.920 --> 00:57:24.400\n Our mode is regulatory capture.\n\n1564\n00:57:24.400 --> 00:57:27.360\n And then he's tweeting out the fact that CFTC granted\n\n1565\n00:57:27.360 --> 00:57:31.039\n Polly market, they approval to make available to US citizens.\n\n1566\n00:57:31.039 --> 00:57:32.639\n So William continues and says,\n\n1567\n00:57:32.639 --> 00:57:34.320\n today that mode no longer exists.\n\n1568\n00:57:34.320 --> 00:57:35.960\n I couldn't be more proud of my decision\n\n1569\n00:57:35.960 --> 00:57:37.079\n to join Polly market.\n\n1570\n00:57:37.079 --> 00:57:38.760\n Why copy the best when you can build it?\n\n1571\n00:57:38.760 --> 00:57:40.760\n So basically now that I Polly market.\n\n1572\n00:57:40.760 --> 00:57:42.800\n He flipped from Kallche to Polly market,\n\n1573\n00:57:42.800 --> 00:57:45.240\n because Polly market is the cooler one to be.\n\n1574\n00:57:45.240 --> 00:57:49.920\n The founder or somebody of Kallche came into his replies\n\n1575\n00:57:49.920 --> 00:57:52.680\n and said, this is a lie.\n\n1576\n00:57:52.680 --> 00:57:54.320\n Tarek did not say this.\n\n1577\n00:57:54.320 --> 00:57:56.240\n You are just spreading misinformation.\n\n1578\n00:57:56.240 --> 00:57:59.440\n He shares an email from William talking shit\n\n1579\n00:57:59.440 --> 00:58:03.360\n about Polly market, trying to get a job at Kallche.\n\n1580\n00:58:03.360 --> 00:58:05.480\n I don't know what the hell is going on here,\n\n1581\n00:58:05.480 --> 00:58:08.160\n but like the, oh god, there's some huge beef.\n\n1582\n00:58:08.159 --> 00:58:11.119\n I mean, there's rumors that Kallche,\n\n1583\n00:58:11.119 --> 00:58:12.039\n I don't know if I should say this,\n\n1584\n00:58:12.039 --> 00:58:13.440\n but there's rumors I've heard that\n\n1585\n00:58:13.440 --> 00:58:16.279\n the Kallche FBI swatting of Shane Coppelman,\n\n1586\n00:58:16.279 --> 00:58:17.119\n I heard those rumors.\n\n1587\n00:58:17.119 --> 00:58:20.399\n That was like that they had reported him\n\n1588\n00:58:20.399 --> 00:58:21.920\n or had some sort of contemplate.\n\n1589\n00:58:21.920 --> 00:58:24.000\n I mean, there's beef there.\n\n1590\n00:58:24.000 --> 00:58:24.839\n That's a rumor.\n\n1591\n00:58:24.839 --> 00:58:27.519\n I don't have evidence of that, but no one does.\n\n1592\n00:58:27.519 --> 00:58:29.199\n You can see why there's some beef there.\n\n1593\n00:58:29.199 --> 00:58:31.559\n You also see why they want some political protection, right?\n\n1594\n00:58:31.559 --> 00:58:32.920\n FBIs are going to raid your house.\n\n1595\n00:58:32.920 --> 00:58:35.960\n How about getting the president's son to invest your company?\n\n1596\n00:58:35.960 --> 00:58:36.799\n I'll do that.\n\n1597\n00:58:36.800 --> 00:58:39.240\n And I hope the political pendulum doesn't swing so hard\n\n1598\n00:58:39.240 --> 00:58:40.080\n next year.\n\n1599\n00:58:40.080 --> 00:58:43.280\n We could swing so hard, so hard.\n\n1600\n00:58:43.280 --> 00:58:45.680\n So enjoy this brief period of time we have, David.\n\n1601\n00:58:45.680 --> 00:58:47.800\n And tell me about tokenized Pokemon\n\n1602\n00:58:47.800 --> 00:58:49.800\n because we can still do that right now.\n\n1603\n00:58:49.800 --> 00:58:53.080\n Dude, okay, so I come back online from Burning Man\n\n1604\n00:58:53.080 --> 00:58:55.039\n and I log into crypto Twitter\n\n1605\n00:58:55.039 --> 00:58:57.080\n and we are doing two things.\n\n1606\n00:58:57.080 --> 00:58:59.800\n We are ranking crypto Twitter accounts\n\n1607\n00:58:59.800 --> 00:59:02.440\n and we are buying tokenized Pokemon.\n\n1608\n00:59:02.440 --> 00:59:04.720\n And I'm like, oh, nothing's changed.\n\n1609\n00:59:04.720 --> 00:59:05.560\n We are doing the same thing.\n\n1610\n00:59:05.559 --> 00:59:07.239\n Okay, so this is the current trend\n\n1611\n00:59:07.239 --> 00:59:09.320\n of tokenized Pokemon cards.\n\n1612\n00:59:09.320 --> 00:59:10.679\n There's apparently three different platforms,\n\n1613\n00:59:10.679 --> 00:59:14.400\n but this one platform collector crypt has taken off.\n\n1614\n00:59:14.400 --> 00:59:16.239\n It is real tokenized, excuse me,\n\n1615\n00:59:16.239 --> 00:59:17.239\n the real Pokemon cards.\n\n1616\n00:59:17.239 --> 00:59:18.759\n Like the actual physical Pokemon cards.\n\n1617\n00:59:18.759 --> 00:59:21.920\n Pokemon cards held in a vault somewhere,\n\n1618\n00:59:21.920 --> 00:59:23.199\n like a physical vault.\n\n1619\n00:59:23.199 --> 00:59:24.799\n So it's a real asset.\n\n1620\n00:59:24.799 --> 00:59:25.880\n It's a real world asset.\n\n1621\n00:59:25.880 --> 00:59:28.199\n Tokenized by this one project called collector crypt\n\n1622\n00:59:28.199 --> 00:59:29.799\n and you can go and you can like open up,\n\n1623\n00:59:29.799 --> 00:59:33.159\n you can buy for $55, you can buy a pack,\n\n1624\n00:59:33.159 --> 00:59:34.880\n a Pokemon card pack and you open up the pack\n\n1625\n00:59:35.000 --> 00:59:36.280\n and there's a Pokemon card in there.\n\n1626\n00:59:36.280 --> 00:59:38.119\n And like some people are like celebrating,\n\n1627\n00:59:38.119 --> 00:59:39.599\n like, oh, I opened up a Charizard\n\n1628\n00:59:39.599 --> 00:59:42.320\n and then you can sell it on the marketplace.\n\n1629\n00:59:42.320 --> 00:59:43.599\n You're not gonna get a Charizard,\n\n1630\n00:59:43.599 --> 00:59:46.280\n statistically speaking, but technically it's possible.\n\n1631\n00:59:46.280 --> 00:59:47.599\n And so yeah, this is the current meta.\n\n1632\n00:59:47.599 --> 00:59:49.079\n We always do this when it happens.\n\n1633\n00:59:49.079 --> 00:59:50.079\n At some point, right?\n\n1634\n00:59:50.079 --> 00:59:50.920\n Yeah, yeah.\n\n1635\n00:59:50.920 --> 00:59:51.760\n It's hard.\n\n1636\n00:59:51.760 --> 00:59:52.599\n Are you a collector?\n\n1637\n00:59:52.599 --> 00:59:54.200\n Do you ever do Pokemon cards or magic cards?\n\n1638\n00:59:54.200 --> 00:59:56.160\n I'd say back in the day, never once\n\n1639\n00:59:56.160 --> 00:59:57.680\n I ever played the Pokemon game.\n\n1640\n00:59:57.680 --> 00:59:59.000\n Didn't even know that there was a game\n\n1641\n00:59:59.000 --> 01:00:00.720\n about the point was to just buy the cards.\n\n1642\n01:00:00.720 --> 01:00:03.800\n You just, I had my binder with my like Charmander\n\n1643\n01:00:03.840 --> 01:00:04.640\n and my Bulbasaur.\n\n1644\n01:00:04.640 --> 01:00:05.480\n Who didn't?\n\n1645\n01:00:05.480 --> 01:00:07.120\n This is how we reach out to the next generation.\n\n1646\n01:00:07.120 --> 01:00:09.760\n Okay, it's not our like defy boomer stuff.\n\n1647\n01:00:09.760 --> 01:00:11.080\n It's Pokemon cards on chain.\n\n1648\n01:00:11.080 --> 01:00:12.400\n I knew this would work.\n\n1649\n01:00:12.400 --> 01:00:14.000\n But when can you put them in Ava?\n\n1650\n01:00:14.000 --> 01:00:15.920\n It's yeah, good question.\n\n1651\n01:00:15.920 --> 01:00:17.200\n Good question.\n\n1652\n01:00:17.200 --> 01:00:19.160\n All right, actually, I'm gonna show you something,\n\n1653\n01:00:19.160 --> 01:00:21.840\n David, you should meet tokenized cards here.\n\n1654\n01:00:21.840 --> 01:00:22.840\n Pokemon cards.\n\n1655\n01:00:22.840 --> 01:00:25.800\n Did it, has anyone alerted Richie Torres to this fact?\n\n1656\n01:00:25.800 --> 01:00:27.960\n Richie Torres, we actually haven't now.\n\n1657\n01:00:27.960 --> 01:00:31.519\n It's, you know, Gary Gensert cannot stop us.\n\n1658\n01:00:31.519 --> 01:00:32.519\n This was kind of cool though.\n\n1659\n01:00:32.759 --> 01:00:35.759\n And with this, you can now borrow in defy\n\n1660\n01:00:35.759 --> 01:00:38.480\n using your credit score, US credit score.\n\n1661\n01:00:38.480 --> 01:00:39.719\n This is always a use case.\n\n1662\n01:00:39.719 --> 01:00:41.079\n I thought would be cool.\n\n1663\n01:00:41.079 --> 01:00:43.039\n And it's just started happening.\n\n1664\n01:00:43.039 --> 01:00:45.960\n So, you know, you have a credit score\n\n1665\n01:00:45.960 --> 01:00:48.400\n based on your credit history in the US, right?\n\n1666\n01:00:48.400 --> 01:00:51.320\n You pay your rent, like mortgages, whatever.\n\n1667\n01:00:51.320 --> 01:00:53.239\n You know, do you pay your credit card bills?\n\n1668\n01:00:53.239 --> 01:00:55.039\n And this is score.\n\n1669\n01:00:55.039 --> 01:00:56.320\n I don't know what your score is.\n\n1670\n01:00:56.320 --> 01:00:58.800\n Some people track this to the end degree.\n\n1671\n01:00:58.800 --> 01:01:00.719\n I, as soon as I got into crypto,\n\n1672\n01:01:00.719 --> 01:01:01.559\n I was like, I don't care about that.\n\n1673\n01:01:01.559 --> 01:01:02.759\n I don't care about this, you know,\n\n1674\n01:01:02.759 --> 01:01:05.279\n there's like a 600, 700 is better day.\n\n1675\n01:01:05.279 --> 01:01:06.799\n I don't know where it's good, yeah.\n\n1676\n01:01:06.799 --> 01:01:10.400\n So, you can just import that into defy\n\n1677\n01:01:10.400 --> 01:01:12.639\n and using this protocol called,\n\n1678\n01:01:12.639 --> 01:01:14.559\n let's see what it's called, 3Jane.\n\n1679\n01:01:14.559 --> 01:01:16.759\n You actually just borrow money on defy\n\n1680\n01:01:17.759 --> 01:01:19.159\n using your credit score.\n\n1681\n01:01:19.159 --> 01:01:22.239\n So, get your credit karma score, whatever,\n\n1682\n01:01:22.239 --> 01:01:24.360\n beam it in here and it'll give you a certain amount\n\n1683\n01:01:24.360 --> 01:01:26.920\n based on your credit score, what you can borrow.\n\n1684\n01:01:26.920 --> 01:01:29.159\n So, this is like a credit use case\n\n1685\n01:01:29.159 --> 01:01:30.960\n using a real world credit score.\n\n1686\n01:01:30.960 --> 01:01:33.000\n I need to put my ID in.\n\n1687\n01:01:33.000 --> 01:01:34.840\n Probably, I don't know, probably.\n\n1688\n01:01:34.840 --> 01:01:37.199\n So, like, if I run away with the funds,\n\n1689\n01:01:37.199 --> 01:01:38.039\n can they come after me?\n\n1690\n01:01:38.039 --> 01:01:40.320\n Well, it'll hurt your credit score.\n\n1691\n01:01:40.320 --> 01:01:41.159\n Don't do that.\n\n1692\n01:01:41.159 --> 01:01:42.159\n I don't care.\n\n1693\n01:01:42.159 --> 01:01:44.880\n If you don't care, it's a one time only thing, David.\n\n1694\n01:01:44.880 --> 01:01:46.639\n If you don't care, if you're never gonna use\n\n1695\n01:01:46.639 --> 01:01:49.280\n the credit score, I just saw a screen shot\n\n1696\n01:01:49.280 --> 01:01:51.360\n with $42,000 on your screen.\n\n1697\n01:01:51.360 --> 01:01:52.920\n If I can go to this app,\n\n1698\n01:01:52.920 --> 01:01:55.960\n and I can, I don't know my credit score for $42,000.\n\n1699\n01:01:55.960 --> 01:01:57.920\n I think that's right, I do that.\n\n1700\n01:01:57.920 --> 01:02:00.159\n Your credit score is literally dropping as we speak\n\n1701\n01:02:00.159 --> 01:02:02.159\n because someone's probably listening in\n\n1702\n01:02:02.159 --> 01:02:04.679\n is like, we're not giving this guy any money.\n\n1703\n01:02:05.599 --> 01:02:06.679\n Well, let's end it there.\n\n1704\n01:02:06.679 --> 01:02:08.679\n You know, crypto is risky.\n\n1705\n01:02:08.679 --> 01:02:09.839\n You could lose what you put in,\n\n1706\n01:02:09.839 --> 01:02:10.639\n but we're headed west.\n\n1707\n01:02:10.639 --> 01:02:11.480\n This is the frontier.\n\n1708\n01:02:11.480 --> 01:02:12.399\n It's not for everyone,\n\n1709\n01:02:12.399 --> 01:02:14.639\n but we're glad you're with us on the bankless journey.\n\n1710\n01:02:14.639 --> 01:02:15.480\n Thanks a lot.\n","transcription_info":{"language":"en","language_probability":1,"duration":3735.48,"duration_after_vad":3735.48}}